UK Money News
4th January 2008
Interest rate cut 'supported by lending data'
A further interest rate cut to be announced by the Banks of England's monetary policy committee in the coming months has been predicted by one personal finance commentator.
Responding to the Bank's own mortgage lending figures for November, Global Insight has suggested that the case for further cuts grows ever stronger.
Data from the institution indicates that approvals in November fell from October's 89,000 to 83,000.
In response, chief UK and European economist at Global Insight Howard Archers states: "Housing affordability is being pressurised by elevated house prices, modest real disposable income growth and the still significant overall rise in mortgage rates since August 2006."
He continued by suggesting that first-time buyers seeking help with money were continuing to be unable to gain a foothold on the housing market, while those looking to compare mortgages to trade up are also struggling.
The money news from the Bank also showed that, while the increased in net lending secured on homes was higher than that the month before, it remained below the previous six-month average, signalling a continued decline.
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