Countrywide comment on MPC rate decison


Thursday, July 7, 2011

Commenting on today's decision by the MPC to leave the base rate unchanged for the 28th consecutive month at its lowest ever rate of 0.5%,

Grenville Turner, Chief Executive of Countrywide, the UK's largest mortgage broker and property services Group said:

"The MPC's decision to keep base rates unchanged is unsurprising as concerns continue to grow about the lack of progress in the economic recovery.

"We saw an increase in the number of sales agreed last month, however we are not seeing any significant signs of improvement in the volume of transactions, as consumer confidence continues to suffer further setbacks with the collapse of well known retailers.

" Last month we saw a 5 percent increase in remortgage activity, this has been down to some very competitive rates being offered by lenders in both residential and buy-to-let sectors- some below 2 percent. These are positive signs for borrowers who want to remortgage whilst lenders are offering these competitive rates before rate rises become much more of a reality and lending rates begin to increase."


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