Rate rise could be 'last straw'

Rate rise could be 'last straw'

Monday, March 07, 2005

Economic growth and rising inflation have led some commentators to predict a rise in interest rates soon, if not this week. However the National Association of Estate Agents issued a statement this morning saying it believes that such a rise could be the "straw that breaks the camel’s back" for the housing market, with activity already at low levels and buyers in short supply.

Peter Bolton King, Chief Executive of NAEA said, "The MPC hold the life of the housing market in their hands this week. If they choose to increase interest rates it is likely that the market in many parts of the country could grind to a halt."

A rise will leave many homeowners struggling to meet their increased mortgage repayments, says NAEA, putting additional pressure on credit card spending and the increasing levels of consumer debt in this country.

"The housing market is showing only marginal indications of recovery from last year’s slowdown and any significant additional pressure could prove to be the final straw," said Mr Bolton King.

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