The housing market in the UK is unlikely to benefit from a surge in new sales, despite last week's interest rate cut.

This is the conclusion of FindaProperty.com, which said there would ordinarily be a "feeding frenzy"if interest rates are cut to three per cent.

However, content editor Michael O'Flynn stated that these are unusual times in which the normal rules of the market do not apply.

For example, he said lower interest rates will not necessarily stop banks restricting the amount they lend to customers.

Nevertheless, Mr O'Flynn described the rate cut as a positive move which could boost consumer confidence.

He commented: "Combined with lower prices and the recent stamp duty changes, they will encourage more buyers back to the market."

Last week, the Bank of England's monetary policy committee decided to cut interest rates by 1.5 per cent to three per cent.



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