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AMI: Record interest low isn't the tonic
Posted: 09 Jan 2009 11:09:11 GMT
The Bank of England's Monetary Policy Committee may have cut the base rate of interest to a record low of 1.5 per cent yesterday, but that is no longer the tonic needed for the mortgage market.
That is the opinion of the Association of Mortgage Intermediaries (AMI), which feels that people will continue to struggle to sell their properties as mortgage lenders are struggling with a lack of liquidity.
AMI Director Robert Sinclair explained that the government had a big part to play in performing surgery on the mortgage industry.
"While not inconsequential, the committee's decision will have little impact on the real problems faced by the mortgage market," he said.
"In order to do so the bank and the government must tackle the burning issue of a lack of liquidity. This is what now holds back the market and it will not be solved by a further cut in the base rate.
The number of mortgage approvals in November 2008 was a third of the November 2007 figure, according to the Bank of England.
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