Gross mortgage lending totaled an estimated £18.7 billion in October, almost 7% higher than what was an admittedly weak £17.5 billion lent in September according to new figures from the Council of Mortgage Lenders.
The Bank of England’s Monetary Policy Committee today voted to reduce the official Bank Rate paid on commercial bank reserves by 1.5 percentage points to 3%.
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The Bank of England’s Monetary Policy Committee (MPC) has voted to cut interest rates by 1.5% to 3%, following grim economic data and the realisation that a recession is on the way.
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Commenting on the Bank of England’s Monetary Policy Committee (MPC) minutes released revealing an majority of members in favour of a rate cut, David Kern, Economic Adviser to the British Chambers of Commerce (BCC), said:
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Two weeks after the Bank of England’s Monetary Policy Committee (MPC) announced it’s 0.5 percent cut in interest rates, Moneyfacts has found that more than three quarters of all UK lenders have yet to pass on this reduction to their ever growing number of standard variable rate mortgage customers.
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Following a decision by the Bank of England to cut the Base Rate, Nationwide Building Society has announced that it will decrease its Base Mortgage Rate (BMR) from 1 November 2008.
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According to Savills research, whilst this weeks interest rate cut may be good news for the economy and thereby provide some comfort for homeowners, the extent of the impact on the housing market could be limited.
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The National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), has said it is relieved at the Bank of England’s decision to reduce interest rates by 0.5%.
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Commenting on the announcement by the Bank of England to cut the Bank Rate by 0.5 percentage points to 4.5%, Adrian Coles, Director-General of the BSA said:
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Woolwich is cutting its standard variable rate (SVR) by 0.5 per cent following the announcement that the Bank of England base rate will fall by 0.5 per cent.
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Following the special meeting by the Monetary Policy Committee and its decision to make a 0.5% reduction in the Bank Base Rate, Halifax will be reducing its standard variable rate from 7.00% to 6.50%.
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