Rics welcomes base rate decision
News Category: Industry News
Published: 05-Jun-2009
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The Bank of England has stated that it will be maintaining the base rate at its current level, a decision which has been welcomed by Rics as a positive move for the housing market.
Interest rates will remain at 0.5 per cent, the rate at which they have stood at since March 5th.
Rics has welcomed the bank's decision, stating that the low base rate has had a positive effect on the property market thus far.
Simon Rubinsohn, chief economist for Rics, said: "Significant headwinds remain and the authorities are right to remain committed to the current approach of keeping interest as low as possible and providing incentives to help facilitate lending where possible."
The Young property management group agreed with the analysis of Rics, stating that the Bank "should be applauded" for a move that will encourage stability in the market and allow time for the monetary policy committee's financial stimuli to take effect.
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