Is it better to rent or buy as interest rates fall? Readers have their say

Earlier this week we asked whether you thought it was better to rent or buy, following the recent cut to the interest rate.

The Bank of England (BoE) lowered the rate last week to 4% from 4.25%, marking its fifth cut in a year, as the UK grapples with persistent inflation and a cooling jobs market.

Although previous data from Rightmove (RMV.L) showed a rise in average rent for some properties, research released by Estate agent Hamptons on Monday showed a fall in the average private rent on newly let homes.

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The picture remains mixed, however and many tenants across the UK have seen their rent rise by as much as 3.4%.

Read more:Mortgages as low as 3.73% as lenders follow Bank of England rate cut

For prospective buyers, the BoE's decision was positive news as lower interest rates have a knock-on effect on lenders' borrowing rates, leading to cheaper mortgage deals.

Many homebuyers will be considering the lower property purchase costs and deciding whether now is the right time to switch from renting to buying.

Our poll received 581 votes, with a sizeable majority (83%) believing that it was indeed better to buy a property, while only 11% thought renting was the best option and 6% were undecided.Poll of the week: interest rates

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