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Interest rates kept on hold
06/09/2007
The Bank of England has decided to freeze the UK's benchmark interest rate at 5.75 per cent, news that is likely to be welcomed by homeowners and first-time buyers in Manchester.
Manchester has seen house prices rise by 10.6 per cent between July 2006 and July 2007, the second-fastest rate of growth among the UK's metropolitan boroughs, according to the Land Registry.
This had made it increasingly hard for first-time buyers in the city to afford a mortgage for an apartment or house.
Policy-makers at the Bank said that no change in interest rates was necessary as inflation was likely to remain below target in the medium term.
"Ongoing problems and uncertainties in credit and financial markets substantially boost the case for the Bank to sit tight for the time being," said Global Insight chief economist Howard Archer.
The last time interest rates went up was in July, the fifth 0.25 per cent rise in the past year. 
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