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David Bexon, Managing Director of SmartNewHomes.com, comments on this month’s decision from the Bank of England’s Monetary Policy Committee (MPC) to cut interest rates to 5.0%:
“Today’s decision to cut interest rates to 5.0% should be welcomed. However, we now need to see the Bank of England take steps to improve levels of liquidity in the market if it is to make any significant impact on today’s borrowers.
“Gross lending fell by as much as 7% in February, in part as a direct result from the reduced number of mortgage offerings currently in the market place. A number of first time buyers are still willing to buy but they are being restrained by the lack of mortgage products now available - this needs to change if we are to keep the market moving.”
See Also: Press Releases (371)
Date Published: 07 April 2008
