NAEA – BANKS MUST PASS ON INTEREST RATES CUTS TO CONSUMERS

Following the Bank of England Monetary Policy Committee’s decision to cut interest rates by 1.5 per cent today, Melfyn Williams, Past President of NAEA, said:

“It is good news for the housing market that the Bank of England has reduced interest rates – the ball is now in the court of the banks.

“We are calling on all of the major lenders to commit to passing these savings onto the consumers.

“That will help hard working families who want to move home, and the thousands of young people looking to buy their first property.

“It should also help address the current rash of repossession orders. This interest rates reduction, coupled with a clear move from the lenders, would send a strong and positive signal to house-hunters and owners everywhere that may result in improved consumer confidence.”