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Interest Rate Decrease Welcome Respite

4th August 2005 | back to article listings BACK    print this article PRINT

Russell Jervis, Managing Director of haart estate agents, comments on the Bank of England’s decision to decrease interest rates to 4.5%

 

“We warmly welcome the Bank of England’s decision to decrease interest rates to 4.5%. The market is currently fragile, as it has just emerged from a ten year low in terms of activity. Although buyers are tentatively coming back to the market after being punished by the succession of rate rises last year, the decrease in interest rates is a welcome respite and will certainly help bring more buyers to the market.

 

“After a period of realignment, which has led to vendors adjusting their expectations, our figures show that the average price of a property in London has decreased by nearly 5% in a year. The Bank of England has been successful in cooling off the growth rates in the housing market however the market is now suffering and could not have sustained rates at the high of 4.75% for any longer.”

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