8
Apr
Bank urged to cut rates again
The Bank of England has been urged by the National Association of
Estate Agents (NAEA) to cut the base rate of interest this
week.
Such a move could well help those who want to get on the housing
ladder, such as first-time buyers, see renewed "confidence" in the
sector, asserted the NAEAs Peter Bolton King.
Despite the fact that there are strong economic factors resting on
the Bank to leave the base rate at its current level of 5.25 per
cent, he noted, such as high employment, it is imperative that
people enter the housing sector once again.
"Confidence is a huge issue and only a significant move will
restore that confidence and convince lenders and public alike - the
Bank of England needs to reduce interest rates and take action
fast," he commented.
But he said that levels of lending between banks themselves need to
drop before consumers begin to see the positives.
The Bank's monetary policy committee is due to meet on Wednesday
April 9th and Thursday April 10th to discuss rates.