Rates blow for buyers |
08 2008 |
| Potential homebuyers were dealt a blow today (May 8th) when the Bank of England's Monetary Policy Committee (MPC) failed to cut the base rate of interest. It means that many people still cannot afford to make it onto the property ladder. With the mortgage and housing markets in turmoil, many will consider renting to be a better option anyway and this latest development will do more to cement that theory. The MPC has been slammed for its decision to hold rates, although it remains in a difficult situation as the economic crisis rolls on. "We understand the conflict between slowing economic growth and rising inflationary pressures, and the uncertainty over some of the data reflected in the split views of MPC members last month," said Michael Coogan, director general of the Council of Mortgage Lenders. "However, the MPC had an opportunity to act to anticipate the worsening economic environment today, and it is disappointing that there has been no change," he added.  |
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