The Bank of England has announced a further 1% cut to their base rate, which is now just 2% - the lowest in more than half a century.

This is the third consecutive month that the Bank of England has slashed interest rates to ease pressure on the fragile economy. The Government has also rolled out a range of initiatives in an attempt to restore consumer confidence, including a 2.5% drop in VAT, on top of the ongoing Stamp Duty Holiday for properties marketed at £175,000 or below.

Welcoming the news,Colin Hodgkinson,Financial Services Director said: “This dramatic reduction shows a real commitment from the Bank of England and Government to kick-start the economy. We now eagerly await further news from our panel of top high street mortgage lenders to see the types of savings we can offer new customers.”

Colin Hodgkinson, Financial Services Director added: “This news coincides with the massive reductions of up to 30% we’re seeing in the End of Year Property Sale, which is being held on Saturday 13 December 2008.

“To date, we already have more than 160 properties in the sale within Southampton & Portsmouth. The property reductions offer huge savings for first time buyers, families, landlords and investors – ideal for kick-starting Hampshire's local housing market to help people move during the Christmas season.”

Austin & Wyatt and Mann Countrywide have access to the latest mortgage products and government home ownership housing schemes through Countrywide Mortgage Services (CMS), one of the UK’s largest mortgage brokers. CMS works with a panel of leading high street lenders.

Austin & Wyatt and Mann Countrywide has a team of professional Mortgage Consultants on hand to offer advice and unlike some mortgage brokers, Countrywide Mortgage Services does not charge a fee for their advice and recommendation service.

To find out more about Countrywide Mortgage Services and the options available to you locally, visit www.mortgagescountrywide.co.uk or contact your local Austin & Wyatt or Mann Countrywide branch and ask the mortgage consultant about Countrywide’s current mortgage offers.

Please contact your local branch to arrange property viewings or an appointment with one of their qualified Mortgage Consultants and see how they could help you.