6 Mar

More help call for specialist lenders

More help call for specialist lenders

The base rate cut alone will not help the specialist lender sector in the UK property market, it has been argued.

Investor website Smartlandlord.co.uk said that the reduction in the rate is unlikely to have a major effect because it is now too close to zero.

It also suggested that sectors such as buy-to-let will see "limited" benefits from any increase in liquidity brought about by the Bank's £75 billion asset purchase scheme.

Without more help for the industry, there could be a longer term lack of housing supply for both renters and homebuyers, the site warned.

The Royal Institution of Chartered Surveyors (RICS) gave a more upbeat reception to the announcement of the asset purchase scheme.

RICS labelled its introduction as "good news in the face of the relentless stream of poor economic numbers" and a "vital" tool now that there is little scope for cutting the base rate further.

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