NAEA welcomes interest rate freeze


Fri 3rd Aug, 10:14:01 BST

The National Association of Estate Agents (NAEA) has welcomed the Bank of England's decision to hold interest rates at 5.75 per cent.

The bank has already put up interest rates three times so far in 2007, with the majority of observers expecting a further rise to be introduced before the end of the year.

Peter Bolton King, NAEA's chief executive, said: "Following last month's decision by the m onetary p olicy c ommittee to increase rates we are pleased that it has not jumped in too early with another rise in August.

"It takes time for the market to react following an increase.

"We are only just seeing the effects of the July rise as the market appears to be cooling in many areas.

"Another increase at this point could have been particularly bad news for those markets that have already showed signs of slowing down."

The comments follow on from a recent report from the Halifax which showed that the rate of growth in the UK property market was just 0.7 per cent in July, the third consecutive month when it has been under one per cent.

Though the lender expects the market to cool, a sharp slowdown is considered highly unlikely.





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