RICS: BOE interest rate decision

Commenting on the Bank of England's interest rate cut, Simon Rubinsohn, RICS chief economist said: "This is a bold move by the Bank of England and one which RICS welcomes. This recognises the severity of the downturn and the squeeze on credit. This reduction in the rates should now enable lenders to pass on a significant amount of the benefit to the high street. While the news flow in the near term on both the economy and the housing market will still be negative this dramatic step should provide important support for confidence. Those at the margins on variable rate mortgages will breath a sigh of relief as they find their mortgage repayments more affordable "