Wednesday, Apr 04, 2007
40% of estate agents 'noticed a downturn in activity'
24dash.com: 40% of estate agents 'noticed a downturn in activity'
A survey conducted by The National Association of Estate Agents (NAEA) revealed that a significant 40% of their members noticed a downturn in activity in the residential housing market as a direct response to the January interest rate rise.
The NAEA is advising the Bank of England against increasing rates further in April.
Peter Bolton King, Chief Executive of the NAEA, said: “I urge the Monetary Policy Committee (MPC) to show caution when casting their votes on interest rates this Thursday. There remain vast regional differences across the UK in the housing market. It is imperative that rates remain level if we are to avoid the danger of slowing the market further in some areas.
Posted by cash_buyer @ 01:16 PM (149 views) Add Comment
4 Comments
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1. royston said...
".....and the consensus among the turkeys was : Please, please cancel Christmas. We really don't think it a good idea.........People gorge themselves and drink too much........... It would be much better if it didn't happen."
I hope the MPC put up interest rates by at least 1% tomorrow ( - but I wouldn't bet money on it!).
2. Sam said...
royston, I'm sure that the BOE will 'Wait and see'.
3. confused76 said...
... but until yesterday Hamptons and other agents were saying that there are 8 buyers for every seller... demand and supply... immigrants at the gates... increasing rate of divorce... the London Olympics... the Russian oligarchs in Chelsea... not enough houses built in the UK... all that BS gone now! Now these idiots ask for a market subsidy in the form of cheap lending.... shameless!!!!!!
4. geed said...
Shameless indeed, but they will get there way as indirectly the MPC's remit is to keep all that hot air in the Property/Asset bubble. This is their number one objective and lets face it they are doing a great job. It really is in the MPC's hands at present, The public are quite aware of the risks shadowing the property bubble and are looking to the MPC to reassure them that the cheap credit will continue, if it does which I strongly suspect it will, this thing will run and run.
Last CPI data showed they were 40%!! above target (2.8%). If their main objective was to control inflation against the CPI they would raise rates by at least 0.5% this month as their prior 0.25% increases are clearly not working, but of course other things are at play as Eddie George has revealed recently.
The buck stops with the MPC.