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Salford developer welcomes rate cut

Countryside Properties has welcomed the Bank of England's decision to cut interest rates by 0.25 per cent.

The developer, which is building one of the biggest housing developments in the north-west, told Channel 4 News that the rate cut was needed to stimulate interest.

Until recently around 50 would-be homebuyers a week visited the New Broughton site in Salford but since the global credit squeeze interest has dwindled to two a week.

The first phase of New Broughton has almost sold out and Countryside Properties has announced a second phase that will comprise one and two-bedroom apartments.

Commenting on the Banks' decision, Adrian Coles, director-general of the Building Societies Association, said: "This cut should make it cheaper for people taking out a new mortgage or coming off existing fixed-rate terms, and provide some support to the housing market.

"Activity in the housing market was already beginning to slow as a result of the previous increases in interest rates, and this is likely to continue."

Countryside Properties is also responsible for a number of developments in the Manchester area, including Sport City Living in Beswick and Ringley Lock in Radcliffe.
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07/12/2007