NAEA welcomes Bank of England's views for the future

The National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), welcomes the news announced in the Bank of England's financial stability report that predicts a resurgence in confidence over the coming months.

Peter Bolton King, Chief Executive, NAEA, comments: "It should certainly come as a great boost to consumer confidence to hear this news from the Bank of England. There has been much ‘doom and gloom' reported over the past few months, especially with regards to the global credit crunch. However, to hear that there is light at the end of the tunnel should come as a massive boost to consumer confidence and is the crutch that both consumers and organisations very much need.

"As an Association, we have always been keen to stress that what the market place is experiencing at present is not anywhere near the difficulties seen in the late 1980's/early 1990's and it is encouraging to see this fact advocated in the report.

"However, in order for consumer confidence to be nurtured over the coming months it is critical for the Bank of England to further reduce interest rates this month in order to help bolster consumer confidence even further.

"It remains paramount that the shackles currently around the mortgage market are loosened and it is imperitative that the lendors pass on these interest rate reductions to consumers to help lighten the load."