The European Central Bank (ECB) has held its main rate, which may mean those looking to buy Italy see no change to the rates being offered on mortgages.

In its monthly meeting yesterday, the bank said it was maintaining its main refinancing operations rate at one per cent.

The marginal lending facility will stay at 1.75 per cent and the deposit facility is to remain at 0.25 per cent, the ECB announced.

Such a move may indicate that the bank is intending to keep the rate low for some time, which could mean that there is a widespread availability of low-priced mortgages for buyers of Italy property.

Italy has been one of the countries where the recent fall in the value of the euro against the pound has seen an increase in buyer demand, the Financial Times reported last week.

Director of dealing at foreign exchange firm Currencies Direct Mark O’Sullivan told the paper that Britons looking to purchase in Italy and elsewhere in the eurozone had been given a "confidence boost" by the development.

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