UK Money News
10th July 2008
Rate freeze 'will not help for first time buyers'
The Bank of England's decision to hold interest rates will not bring immediate relief for first time buyers struggling to get on the property ladder, it has been claimed.
Earlier today, the Bank's rate-setting body the monetary policy committee (MPC) opted to freeze interest rates at five per cent for the third month in a row.
However, according to Duncan Samuel of conveyancing firm Convex.net, the move will "not provide any solace" for novice homebuyers.
He added: "Although asking prices are coming down, mortgage rates are at an eight-year high and most prospective buyers are being asked for deposits of at least ten per cent, so things are still very tough, particularly for first time buyers.
"The Bank of England seems to be adopting a ‘wait and see’ approach in the wake of rising inflation and worsening economic conditions, so I can see the rate being held in the coming months."
Soaring inflationary pressures are thought to have been the principal reason for the MPC's move.
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