Estate agents call for interest rate cut
www.moneynews.co.uk > Housing market > Estate agents call for interest rate cut
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Estate agents call for interest rate cut
Tue 8th Apr 2008
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Peter Bolton King, chief executive of the organisation, warned that as more people are finding themselves unable to secure mortgages, they are "losing confidence" and being "scared off" from the housing market, particularly first-time buyers.
He recommended that although strong economic indicators such as high employment may keep the market afloat, the Bank should act quickly to restore confidence by reducing interest rates.
Mr King also puts the onus on lenders to take similar measures with the London Interbank Offered Rate.
The Bank of England base rate currently stands at 5.25 per cent, after it was reduced from 5.5 per cent in February.
As house prices continue to fall and lenders withdraw mortgage products at an almost unprecedented rate, some groups are calling on the Bank's governor to cut interest rates to ease the situation.
Related News : Housing market |
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