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Bank Drops Interest Rates to 0.5%

5th March 2009 | back to article listings BACK    print this article PRINT

Stuart Law, Chief Executive of Assetz, responds to the Bank's decision to drop interest rates to 0.5%:

"The sequence of base rate cuts has had a positive effect for home buyers and investors on variable and tracker rate mortgages, but the Bank has now reached the end of that cycle. It is now in a position to proceed with quantitative easing so it is unlikely we will see further cuts, although a drop to 0% should still not be ruled out.

“Property investors have already capitalised on the low interest rates, purchasing distressed property with relatively cheap loans at modest loan to values of 50%-65%. As banks like Northern Rock start to lend on higher loan to values we will see homebuyers follow the investors back into the market. This is essential for market recovery and there is emerging evidence to suggest that house price falls are beginning to soften and that buyer interest is increasing."

 

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4679.html. Alternatively, please see our full press release archive.

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