BoE set for ‘damaging rise’?

BoE set for ‘damaging rise’?

Wednesday, August 01, 2007

With a further interest rate rise on the horizon, an industry expert urges the BoE not to heap more misery on homeowners…

Robert Bryant-Pearson, Chief Executive of Allied Surveyors warns of the damage of a further interest rate rise, ahead of Bank of England’s Monetary Policy Committee (MPC) decision, due this Thursday:

“A period of stability is urgently required, not increasing upheaval. The market is currently very unsettled after the recent rate rises, the sustained bad weather and flooding and with the introduction of HIPs due to take place tomorrow.

“I would be astonished if the MPC vote for raising interest rates yet again this month. Earlier rises have already put a huge strain on home owners, especially those coming to the end of fixed rate schemes.

“First time buyers are struggling and in many cities we are seeing evidence of weakening demand for flats being reflected in lower prices. The housing market is too important to the UK economy to be allowed to slip into free-fall.”

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