05 March 2009
NAEA – Liquidity not interest rate cuts will make the difference
Following the Bank of England Monetary Policy Committee’s decision on interest rates, Gary Smith, Vice President of the NAEA, said: “Interest rates can go down to 0% and I’m afraid it will make absolutely no difference. What is desperately needed now is more liquidity in the market and more mortgage lending.
“Reducing rates does nothing to boost confidence of savers and does nothing to help those that the banks are refusing to lend to. I am yet to be shown the impact that reducing rates has made during the credit crunch. Whilst it has assisted thousands of homeowners in lowering mortgage repayments, which of course can only be a positive, it has in fact done nothing to improve fluidity in the housing market.
“What we need is an increase in the number of mortgages available at sensible rates with limited deposits.” - Ends -
Editor Notes
Editor Notes:
About the NAEA The National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), is the UK’s leading professional body for estate agency personnel, representing the interests of around 10,000 members who practice across all aspects of property services both in the UK and overseas.
These include residential and commercial sales and lettings, property management, business transfer, auctioneering and land. The National Association of Estate Agents is dedicated to the goal of professionalism within all aspects of property, estate agency and land. Its aim is to reassure the general public that by appointing an NAEA member to represent them they will receive in return the highest level of integrity and service in both sales and lettings, for all property matters.
Each NAEA member is bound by a vigorously enforced Code of Practice and adheres to professional Rules of Conduct. Failure to do so can result in heavy financial penalties and possible expulsion from the Association. For further information contact: NFOPP PRESS OFFICE Tel: 020 3128 8181 E-mail: press@nfoppmedia.com
