11
Nov
Mortgage rate cut hailed as "excellent" news
The base rate cut announced by the Bank of England last week is
"excellent" news that will help bring about a recovery in the
property market, it has been stated.
National sales and marketing director of housebuilder Miller Homes
Sue Warwick predicted that the decision of the biggest lenders to
pass on the cut will prompt the rest of the market to follow
suit.
"The drop will ease the fears of high monthly repayments on a new
mortgage and give househunters a much-needed boost," she
commented.
Ms Warwick added that because the volume of new homes built this
year has been well below the government's targets, a lack of supply
will gradually start to make an impact and this will "underpin" the
market.
As a result, she concluded, it will not be long before some of the
special offers being made now start to disappear, meaning that the
present time may offer a finite window of opportunity for buyers to
pick up a good deal.
Optimism about the sector was also found in a recent survey of
first-time buyers by conveyancing and research firm
OneSearchDirect.
The study discovered that 88 per cent of respondents expect the
property market to bounce back within a year.
