Lenders must now help FTBs, expert says

07-Nov-2008

Mortgage lenders must help first-time buyers (FTBs) by bringing cheaper deals to the market.

This is the view of Melfyn Williams, past president of the National Association of Estate Agents, who commented on the property market facing FTBs after the Bank of England slashed UK interest rates to three per cent yesterday.

The 1.5 per cent cut in the base rate - the largest in Britain since 1981 - came after a 0.5 per cent reduction in interest rates in October and there is mounting pressure on mortgage lenders to pass these savings onto consumers.

On the Bank's rate cut, Mr Williams said: "That will help hard working families who want to move home, and the thousands of young people looking to buy their first property."

He also suggested that the move will send a strong and positive signal to potential homebuyers and may improve consumer confidence, which has been rocked in recent weeks by news of an increase in the number of repossession orders since the onset of the credit crunch.

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UK interest rates cut to 3%House prices continue to fallFTBs 'can capitalise on a buyer's market'

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