Peter Rollings commenting following todays interest rate decision from the MPC
Thu 05 Nov 2009
"Sustained low interest rates are good news for the housing market and will increase new buyers appetite for obtaining a home loan and the willingness of homeowners to take on a bigger mortgage. But the availability of mortgage finance remains the main sticking point for sustainable property market recovery. The money the Bank of England has pumped into the system through its Quantitative Easing programme has, until now, merely trickled through the banks to borrowers. The MPC has little choice but increase the money supply to help lift the economy out of recession, but its the banks that now hold the key. The proof is in the pudding and the coming months will show exactly where the banks priorities lie: economic recovery or their balance sheets."-ENDS -
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