Nigel Maclean of Calcutt Maclean Wood assesses the latest interest rate cut and looks at the opportunities in the Kent marketplace

The early part of the year is always a good time to reflect, take stock and look ahead. It is fair to say that the last 12 months or so have been a rollercoaster.

There have been extraordinary financial events, with the banking system turning cartwheels and the property market suffering one of the harshest periods of trading for more than half a century.

Many of us in the property industry were relieved when 2008 was over. But what lies ahead?

Already this year we have seen interest rates cut to 1.5 per cent, the last time they were this low was in 1694.

The media seems to be full of 'expert’ opinions about how much further property values will drop, when the market will turn and how long any recovery will take. From journalists to economists, they all have something to say. The trouble is, not one of them seems to agree. This is hardly surprising as none of them is a clairvoyant and none has ever encountered this sort of crisis before.

But we local property experts do know a thing or two about our particular market place. We know we are still agreeing sales and, with prices getting to more realistic levels, buyers are returning to the fray.

There has certainly been an upsurge in activity following cuts in the interest rate to historically low levels and we think this will further increase as banks slowly relax their stranglehold on mortgage money.

Also, whatever the state of the world economy, people do still leave the family nest, co-habit, get married, give birth, separate, get new jobs, lose their jobs, win the lottery and, sadly, die. Despite low property transaction volumes there is still movement. What is more, in Kent we have the prospect of super express trains to and from London later this year. We are confident this will have a dramatic impact on our market, as buyers look to take advantage of the relative affordability of property in the region.

So now really is a good time to look forward with greater optimism than in recent months. Apart from anything else, if history repeats itself we will have to wait until 2324 to see interest rates back at such a low level.