NAEA: rate cut is welcome

Cutting the base rate by 0.25 per cent was exactly what the property market needed, property experts have claimed.

The National Association of Estate Agents (NAEA) indicated that confidence had fallen among the gloomy predictions of the last couple of months, meaning that yesterday's rate cut could enact a potentially vital change in perception.

London property prices have been as volatile as any over recent months, with many property-seekers in the capital opting for rental as a safer and more affordable option – a trend unlikely to be reversed by the quarter point cut, even if it boosts buyer confidence.

Peter Bolton King, chief executive at the National Association of Estate Agents (NAEA), said: "There is a serious lack of confidence in the market at the moment and I sincerely hope that the latest interest rate cut will help.

"Doom and gloom mongers have been working hard recently to spread their word about problems in the market. The truth is, though, that the situation is not nearly as dire as some would have us believe."

He added that a rate cut in January would have been the best course of action, as the market would have responded better to consecutive rate cuts.

Published 8th February, 2008

© 2008 Estates IT Limited

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Cutting the base rate by 0.25 per cent was exactly what the property market needed, property experts have claimed.

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