Countrywide comment on MPC rate decision

Countrywide

Thursday, September 8, 2011

Commenting on today's decision by the MPC to leave the base rate unchanged for the 30th consecutive month,Grenville Turner, Group Chief Executive of Countrywide, the UK's largest property services Group said:

"The MPC's decision to keep base rates unchanged is unsurprising as concerns continue to grow about the considerable challenges facing the UK economy and the lack of progress in the economic recovery. The calls for the Bank of England to revive the economy with another round of quantitative easing  is justified in order to boost bank lending and prevent the economy slipping back into recession. 

"As the largest UK-wide network of mortgage consultants operating in estate agency offices, we see first hand the issues facing borrowers. In a market ravaged by uncertainty and almost daily headlines around the economy, house prices and employment issues, we continue to see an appetite from borrowers looking to take advantage of the much more competitive mortgage products on offer.

"The stumbling block continues to be the level of mortgage deposit that consumers are expected to find which remains the critical issue not affordability. Mortgage availability is also a concern with current lending levels much lower than in 2010. It is the strictness of lenders criteria which is unfortunately impacting on borrowers gaining finance resulting in many of them having to withdraw their purchases."

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