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Smartnewhomes I R Statement

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It's a teddybears picnic today! :)

June Interest Rate Statement

"David Bexon, Managing Director of SmartNewHomes.com, comments on this month’s decision from the Bank of England’s Monetary Policy Committee (MPC) to hold interest rates at 5.5%:

“Today’s decision to hold interest rates at 5.5% will only offer a temporary reprieve for many homeowners struggling to cope with escalating mortgage repayments and increasing levels of debt. However, with further rises predicted before the end of the summer this month’s reprieve may be short lived.

“House price growth has slowed considerably as a result of earlier interest rate rises, with new house prices reporting a fall over the last three months.

“To ensure the future buoyancy of the housing market we need to see a stabilisation, if not a lowering of interest rates to encourage a renewed confidence among buyers. First time buyers in particular will now hold off making a purchase – unwilling to take on huge levels of a debt at such an uncertain time in the market. If these buyers stay away the market could go into freefall.” "

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unwilling to take on huge levels of a debt

Therein lies the problem, nothing to do with the current levels of interest rates or the even the level of anticipated rates.

Rod made for their own back, sheer greed on behhalf of the developers and lenders and speculators and sheer stupidty on behalf of the central bank that purposely drove the market to this situation.

Screw the lot of them.

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unwilling to take on huge levels of a debt

Therein lies the problem, nothing to do with the current levels of interest rates or the even the level of anticipated rates.

Rod made for their own back, sheer greed on behhalf of the developers and lenders and speculators and sheer stupidty on behalf of the central bank that purposely drove the market to this situation.

Screw the lot of them.

hear hear

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wot p1sses me off is that us FTB who are saving what we can and are waiting for affordability could well be prevented from buying homes once a correction takes place by the BTL brigade. The BTL brigade have surely made a tidy profit if they've sold by now or are selling. Dont you think they could well use the profits made from this HPI cycle to go back into the market and kill off FTB again?

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It's a teddybears picnic today! :)

June Interest Rate Statement

"David Bexon, Managing Director of SmartNewHomes.com, comments on this month’s decision from the Bank of England’s Monetary Policy Committee (MPC) to hold interest rates at 5.5%:

“Today’s decision to hold interest rates at 5.5% will only offer a temporary reprieve for many homeowners struggling to cope with escalating mortgage repayments and increasing levels of debt. However, with further rises predicted before the end of the summer this month’s reprieve may be short lived.

“House price growth has slowed considerably as a result of earlier interest rate rises, with new house prices reporting a fall over the last three months.

“To ensure the future buoyancy of the housing market we need to see a stabilisation, if not a lowering of interest rates to encourage a renewed confidence among buyers. First time buyers in particular will now hold off making a purchase – unwilling to take on huge levels of a debt at such an uncertain time in the market. If these buyers stay away the market could go into freefall.” "

This really irks me; prices are the problem, matey, not IRs. D1ckheads like this think IRs are there to simply act as a controlling mechanism for house prices, not the ecomony in general. Yeah, drop IRs to stimulate the market - never mind if sterling tanks and inflation goes through the roof. :angry:

Sentence should read:

"To ensure the future stability of the housing market we need to see a massive crash and a return to sensible, sustainable price levels to encourage a renewed confidence among buyers. First time buyers in particular will now hold off making a purchase - unless they are extrememly stupid - unwilling to take on huge levels of a debt at such ridiculously high prices. If these buyers stay away the market would go into freefall. And about time."

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