December 7, 2007
Interest rate cut for property boost
Homeowner had some welcome news when the Bank of England cut interest rates for the first time since the middle of 2005, there has been growing concerns that inflation, high oil prices and the cost of mortgages could be slowing down the economy, something had to be done.
The interest rate has been cut by just 0.25% to 5.50%, the figure of 5.75% was the highest interest rate for six years and was hurting the homeowners and indeed being blamed for the slow down in the house market. It was believed that first time buyers were being priced out of the market due to high prices for houses and high interest rates on mortgages.
A quarter of a per cent may not seem to be a lot, but it’s a reduction and that means a lot.
Source [Orange]
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