Rate cut 'won't help first-time buyers'

Those thinking of purchasing property are unlikely to be helped by the latest base rate reduction, it has been argued.

Yesterday the Bank of England's Monetary Policy Committee voted to reduce the rate to 0.5 per cent.

And although this represents a new all-time low, the Building Societies Association has warned that first-time buyers in particular will only be hurt by it.

Director general of the body Adrian Coles explained that falling interest levels mean there is little incentive for consumers to save, further restricting the flow of funds into the market.

He described the move as a "kick in the teeth for savers", adding: "It will also harm the aspirations of the many people who are finding it difficult to get a mortgage, particularly first-time buyers with relatively small deposits."

Meanwhile, Neil Young, chief executive of Young Group, echoed the view, noting that previous cuts have not helped boost the availability of credit.

Those thinking of living in London may prefer to rent a house or flat as a result, in order to avoid problems in obtaining a mortgage.

Published 6th March, 2009

© 2009 Estates IT Limited

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Those thinking of purchasing property are unlikely to be helped by the latest base rate reduction, it has been argued.

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