Valuations
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Rate cut 'good news for homeowners and new buyers'
07/12/2007
First-time buyers and mortgage holders in the Manchester area have no doubt welcomed news that the Bank of England's has cut interest rates by 0.25 per cent.
The Bank decided to slash rates this month as there were signs that consumer and business growth was slowing and there have been a number of indications that house price inflation is moderating.
James Caldwell, director at Fair Investment Company, said: "The Bank's decision to cut rates by 0.25 per cent to 5.5 per cent is an early Christmas present to homeowners and those looking to take their first step onto the housing ladder.
"Some rates have increased as a result of the tightening in the credit markets, so this cut should make it cheaper for people taking out a new mortgage."
The news has also been welcomed by Countryside Properties, which is responsible for the massive Salford housing regeneration project called New Broughton.
Around 50 potential homebuyers a week used to visit the New Broughton site but interest has plummeted in recent weeks because of affordability concerns, according to Channel 4 News.
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