09-11-2007
UK interest rates stay on hold
News by Adfero for Simply Business - independent providers of business insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
Great news for homeowners and landlords, as the Bank of England yesterday decided to keep interest rates on hold.
Following a decision yesterday by a majority of the monetary policy committee's (MPC) members, the Bank of England confirmed that interest rates would remain at 5.75 per cent for another month.
The move by the MPC had been widely expected. However, despite this wider sense of expectation, the National Association of Estate Agents (NAEA) has voiced its disappointment at the decision. "The last 12 months has been an extremely busy period for the housing market and consumers are crying out for reassurance," said Peter Bolton King, the chief executive of the NAEA. "Many housing market reports, including the NAEA survey, clearly indicate that the housing market is slowing down on a monthly basis," he added.
Showing signs of a slightly different sentiment however, David Kuo, head of personal finance at fool.co.uk, urged consumers not to follow the same waiting game currently being played by the bank. Instead, Mr Kuo has urged UK mortgage holders to take action by showing a willingness to inject overpayments into their mortgage product.