Estate agents call for rate cut

The National Association of Estate Agents (NAEA) has called on the Bank of England to cut its base rate of interest, it has emerged.

According to the association, a reduction in the cost of borrowing is needed in order to boost the housing market that has been weakening as more and more people struggle to deal with their debt management problems.

Recent reports from MoneyExpert suggested that borrowing costs have been rising despite the bank’s recent base rate cuts but the NAEA is convinced that further reductions would help the property sector.

NAEA chief executive Peter Bolton King commented: “The housing market is in a tricky situation, people are losing confidence because they are unable to secure mortgages.”

“The Bank of England needs to reduce interest rates and take action fast.”

Credit Action’s latest data suggest that the scale of the UK’s debt management burden increases by close to £1 million every five minutes.