Peter Rollings commenting on today’s figures from the Bank of England
It’s as though the ability to buy property has been withdrawn from the average person in the street and this can’t be allowed to continue. This must serve as a serious call to action for the government, FSA and Bank of England. We’re now seeing just how bad the situation could get if we continue to rely solely on market forces to get the housing and mortgage markets moving again.
The government has not been assertive enough in their efforts to get the market moving again and they must take action NOW to prevent the market lying dormant. The MPC must surely see that people are already severely curbing their spending and these figures provide yet more evidence that new mortgages have sagged. We must see a cut in interest rates in October if we are to avert worse trouble.
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