Estate agents have been underwhelmed by the Bank of England’s latest cut to the base rate.

The Bank of England’s monetary policy committee cut interest rates to a record low of 0.1% yesterday amid the coronavirus outbreak, but agents have warned this won’t do much for agents and the property market.

Former Emoov founder Russell Quirk and now PR guru and director at Keller Williams, said: “This tweak is unlikely to help a property industry that for the third time in ten years is again staring into a precipice.

“What we need is more support for the industry itself in the form of rates relief and emergency funding grants that match those of the retail, leisure and hospitality sectors.

“Furthermore, we need to see an immediate cessation of Stamp Duty on all purchases.

“This might just breathe some oxygen on to the waning embers of this property market and give buyers and sellers some reason to move now.

“If that means us all doing viewings in Hazchem suits and gas masks, so be it.”

Guy Gittins, managing director of Chestertons, said: “Although it is still unlikely to have a big impact on the property market, as mortgage rates are already at or near record lows, and the majority of owners are already locked into fixed term deals, it will provide some benefit to borrowers on tracker mortgages, albeit only slight.”