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Lenders seek rate cut
03/12/2007
Lenders in Britain and Northern Ireland are calling on the Bank of England's monetary policy committee (MPC) to introduce a cut in interest rates.
Solicitors in Northern Ireland have seen something of a slowdown in the number of new buyers coming through their doors in recent months, as the credit card crunch has combined with higher interest rates to put people off taking a plunge in the housing market.
However, lenders are now hoping that the MPC might be minded to cut interest rates so as to stimulate more growth in the property market, something that would see solicitors in Northern Ireland enjoy more demand for their services.
Property price inflation in Northern Ireland has been at one of the highest levels anywhere in Britain over the past year, but has begun to fall back, particularly in Belfast, following the impact of higher interest rates.
However, most experts believe that the central bank will maintain the base rate at its current level of 5.75 per cent when it meets this week and will not seek to lower rates until the new year.
Contact us for legal advice
Solicitors in Northern Ireland have seen something of a slowdown in the number of new buyers coming through their doors in recent months, as the credit card crunch has combined with higher interest rates to put people off taking a plunge in the housing market.
However, lenders are now hoping that the MPC might be minded to cut interest rates so as to stimulate more growth in the property market, something that would see solicitors in Northern Ireland enjoy more demand for their services.
Property price inflation in Northern Ireland has been at one of the highest levels anywhere in Britain over the past year, but has begun to fall back, particularly in Belfast, following the impact of higher interest rates.
However, most experts believe that the central bank will maintain the base rate at its current level of 5.75 per cent when it meets this week and will not seek to lower rates until the new year.
Contact us for legal advice
