UK Money News
4th March 2008
Housing market 'needs cut'
The housing market needs an interest rate cut this month, estate agents have warned.
The Bank of England's monetary policy committee (MPC) meets this week to decide on the rate for March.
Analysts are predicting a hold with further cuts to come in the next few months.
But the National Association of Estate Agents (NAEA) wants action now warning that further delay would be bad news for borrowers.
"We are seeing people squeezed as a result of the credit crunch, as the banks expect bigger deposits and better credit ratings," Mr Bolton King said.
"In addition, nervous banks are keeping their interest rates well above the base rate.
"This means consumers, especially the vital first time buyers, are caught in a double trap of having to find a bigger deposit and fund higher payments against the backdrop of rising inflation," he added.
According to the Financial Services Authority (FSA), 1.4 million people will come off fixed rate mortgage deals this year.
Despite recent cuts in interest rates, the vast majority of those people will see their monthly repayments rise.
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