Estate agents call on lenders to follow Bank's lead

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Estate agents call on lenders to follow Bank's lead

Fri 11th Apr 2008

The National Association of Estate Agents (NAEA) has welcomed the Bank of England's decision to reduce interest rates by a quarter point, to five per cent.

It stated that the cut would help to restore consumer confidence and provide relief to struggling households.

However, Peter Bolton King, chief executive of the NAEA, also warned that it is "critical" that lenders also take steps to ease the pressure on borrowers by lowering mortgage rates in line with the Bank's cut.

"The London Interbank Offered Rate also needs to act fast, as they too play a major role in restoring consumer confidence in the market," he added.

A number of lenders have already announced their intention to reduce their rates in line with the cut in the Bank of England base rate, including Nationwide and NatWest.

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