NAEA calls on Bank of England to reduce interest rates

The National Association of Estate Agents (NAEA) is calling on the Bank of England to act to stabilise the housing market.

Peter Bolton King, Chief Executive, NAEA, said: “The housing market is in a tricky situation, people are losing confidence because they are unable to secure mortgages – especially first time buyers, who are also being scared off by the feeling of instability. There remain strong economic factors in the country like high employment but confidence is a huge issue and only a significant move will restore that confidence and convince lenders and public alike - the Bank of England needs to reduce interest rates and take action fast. However, it is also imperative that the lendors do likewise as the London Interbank Offered Rate (Libor) is equally critical to lending and restoring confidence in the property market.”