FTBs 'will not benefit from rate cut'
Another industry expert has expressed his belief that the Bank of England's latest interest rate cut will do little to help first-time buyers (FTBs).
Yesterday, the Building Societies Association said that the cut would be irrelevant to mortgage borrowers because banks and other financial institutions are unlikely to pass on the savings to borrowers.
And now online property conveyancer convex.net has said that even if the cut does trickle down to the mortgage market, it will make little difference in a sector paralysed by the credit crunch and still struggling to cope with years of unsustainable growth.
"More cuts would help the situation, but they need to come quickly," managing director Duncan Samuel said with a hint of desperation. "The government should be looking at other ways of helping the first-time buyer - particularly through initiatives such as stamp duty reductions."
In his latest budget report, chancellor Alistair Darling ignored calls from industry experts to waive stamp duty for first-time buyers.
Published 11th April, 2008
© 2008 Estates IT Limited
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Another industry expert has expressed his belief that the Bank of England's latest interest rate cut will do little to help first-time buyers (FTBs).