Press Release: Cut will have no effect
Thu 05 Mar 2009
Peter Rollings, managing director, of Marsh & Parsons commenting on todays decision by the Bank of England to cut rates to 0.5% said: This latest cut will make very little difference to the UKs housing market, mortgage rates are already historically low.
However, patience is the key. The recent rate cuts will take a little while longer to feed through to the economy. The lenders are beginning to offer attractive mortgages with fixed rate deals below 4% although deposits of 15%-20% are still required. Its becoming increasingly cheap to borrow money.
Buyer inquiries have increased dramatically in January and February already leading to increased sales. We will undoubtedly see more sales in Spring and the lack of housing stock whilst putting a break on increased activity is having the effect of firming up prices.
For further information please contact:
The Wriglesworth Consultancy
James Staunton / Neil Mackwood
0207 427 1400 or 020 7 427 140
Marsh & Parsons has been part of the London property scene since 1856. The sales and lettings agent has 15 offices situated in prime positions across central, west and south London. They have an intimate and extensive knowledge of the area.Marsh & Parsons are an independent and professional firm with a 'can-do' attitude covering all aspects of residential property. They aim to establish individual relationships with clients through a business built on energy, agility, professionalism and knowledge. Their business aim is to be the agent who not only understands the local area around their offices better than any other agent, but also to be at the heart of the community.