Private landlords with property tax and letting agent fees to pay may be among the homeowners welcoming the seventh straight interest rate freeze today (October 8th).

The Bank of England's monetary policy committee (MPC) opted to hold the base rate at 0.5 per cent.

Ever since March 2009, the MPC has kept the cost of borrowing at this level, in an attempt to encourage consumer spending.

Some private landlords and homeowners on tracker mortgage deals will have benefited from reduced monthly home loan repayments as a result of this monetary policy.

Earlier this week, it was announced that the average value of a home in the UK increased in September for the third month in a row.

According to Halifax, the typical property in the country was worth £163,533 during the course of the month - an increase of 1.6 per cent when compared to August and significantly higher than the price reported at the start of 2009.

Written by Claire Doyle

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