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Press Coverage
10.04.2008
Interest rates cut to 5%However, the move will come as little relief to mortgage borrowers, as lenders have risen rates in recent months despite two earlier cuts by the MPC.
Some market commentators had hoped for a 0.5% cut in rates to help offset the rising cost of mortgages as lenders withdraw from the market.
Duncan Samuel, managing director of conveyancing firm Convex.net, says: “Despite this cut, first time buyers will still not be coming to the market in the current climate.
"The whole market is resting on first-time buyers and, in the housing chains we are dealing with as conveyancers, it is the bottom where the nerves are at their greatest.
"Where a cut like this might once have given an instant boost that is less likely to happen now."
Peter Williams, executive director of the Intermediary Mortgage Lenders Association, adds: "This is welcome, though a half point cut would have been even more welcome.
"The Bank has to regain control and the quarter point reduction is a good start. I think we will need further reductions in future months to help bring down money market rates and bolster flagging consumer confidence.
"However, rate cuts are now only part of the urgent action needed from the Bank. The other key step is to take forward its money market operations and move to restore liquidity in the UK capital market.”
The MPC has repeatedly outlined its concerns about inflation, which is currently above the Government’s 2% target and could climb as high as 3% during 2008.
However, the 2.5% fall in house prices revealed by Halifax earlier this week, coupled with fears of an economic slowdown, are likely to have made inflation less of a concern for the MPC, prompting today’s cut.
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