NAEA wants rates cut

Posted: 08 Apr 2008 11:11:41 GMT

The National Association of Estate Agents (NAEA) is calling upon the Bank of England to cut the base rate of interest.

The National Association of Estate Agents (NAEA) is calling upon the Bank of England to cut the base rate of interest.

According to the organisation, only an April rate cut will be enough to instil confidence in the UK housing market.

NAEA chief executive Peter Bolton King said that it is extremely important to make sure buyers are confident about entering the property and mortgage markets.

"There remain strong economic factors in the country like high employment but 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 said.

The base rate of interest currently stands at 5.25 per cent but the Bank of England's Monetary Policy Committee is due to meet again on April 10th.

A recent poll of eight major UK financial institutions revealed that 75 per cent expect the base rate to be cut by 0.25 percentage points this week.

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