Peter Rollings commenting following figures from Halifax and the interest rate decision from the MPC
“Stiff competition for property from cash buyers and people with large deposits is definitely supporting prices and the market in London is performing particularly strongly. We’ve seen a considerable number of properties go to best and final offers in recent weeks. But I think we should be cautious about cracking open the champagne just yet - we’re not out of the woods. Keeping the money supply up is imperative for driving cash through the banks and into the hands of borrowers. The banks must up the stakes on mortgage finance – a sustainable recovery in the housing market won’t be possible without it.”
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