Newcastle: MPC March interest rate decision

Steven Marks, lending executive at Newcastle Building Society, says: “It’s no surprise that the MPC has opted to hold rates at their current level, although the overall trend is still likely to be downwards, with one or two further cuts to come this year.

“The Committee has the difficult task of balancing the slowing housing market with rising energy and food costs, and our current feeling is that they will wait for a few months to see whether a more settled picture emerges.

“It is, however, encouraging that a number of large housebuilders and estate agents have confirmed in recent weeks that viewing activity is increasing, which may be an early sign that the housing market has reached its lowest point.”