8 Apr

Bank urged to cut rates again

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.ADNFCR-1222-ID-18542354-ADNFCR

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