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Rate Decrease Will Save Market\'s Health

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

David Bexon, Managing Director of SmartNewHomes.com, the UK’s leading new homes website, reacts to today’s announcement from the Bank of England Monetary Policy Committee that interest rates will be cut from 4.75% to 4.5%:

 

“After a year of no movement, the Bank of England has finally seen sense and acknowledged that the UK economy is in desperate need of lower interest rates to avoid further decline. Whilst the push up to a 4.75% base rate in 2004 acted to stabilise escalating house price inflation, it has since began to stifle the market and has recently been threatening to dry the last drops of life out of it. Today’s announcement should act to boost activity and facilitate a return to positive price growth.

 

“In real terms, we would now expect to see more buyers committing to property purchases which will help to neutralise the balance between buyers and sellers in the market place. It is now realistic to predict annual house price growth of around 5% by the end of this year as the market returns to healthier times.”

 

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