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NAEA urge Bank of England to support market
In an article featured on their website the National Association of Estate Agents (NAEA), is calling on the Bank of England to keep interest rates down and increase the supply of funding for the mortgage market.
Quoted on the website, Peter Bolton King, Chief Executive of the NAEA, said: “The NAEA is calling on the Bank of England to keep interest rates low. We understand that there are significant pressures on the wider economy at this time. As a result we urge the Bank of England not to raise rates today and to decrease them as soon as possible.
“We also call on the Bank of England to increase funding to lenders in order to create more liquidity in the markets and control the credit situation. Lending is not getting any easier and if anything the mortgage rates are getting tighter, causing the housing market to suffer. The Bank of England can and needs to take action to improve consumer confidence encouraging buyers back into the housing market.”
