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The National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), is relieved at the Bank of England’s decision to reduce interest rates today.

Peter Bolton King, Chief Executive of the NAEA, comments: “The cut in interest rates today is definitely a step in the right direction in helping to rectify the current financial climate. At present, it seems that we are stuck in a vicious cycle that will not be broken unless the Government and external bodies join together in providing a cohesive solution to dissolving the economic and financial woes of the country. Thankfully today’s announcement and yesterday’s multi-billion rescue package will go a long way to easing the country’s current woes.

“This cut in interest rates should help consumer confidence at a time where individuals’ self-assurance has taken a heavy hit. We know that a positive housing market is essential for the overall economy. At present borrowing is not getting any easier and mortgage rates are getting tighter, causing the housing market to suffer. Reducing the rate will help send a clear signal to the market, encourage lenders to reduce their rates and allow the current mortgage shackles to be loosened giving the market and the thousands of house hunters out there the positive impetus they need.“

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