home inspector.co.uk newspages..

Industry welcome mortgage rate cut as full HIPs roll-out approaches

Property industry experts have welcomed the news today (6 December), that the Bank of England's Monetary Policy Committee (MPC) has reduced mortgage interest rates back down to 5.5 per cent.

Until recently, the prospect of a rate cut so close to the year-end had been discounted by negative industry commentators who feared that consumers would overspend in a knee-jerk reaction to such a move.

The news is very well-timed for domestic energy assessors and home inspectors who are preparing for the full roll-out of HIPS (Home Information Packs) which from December 14th will cover the entire marketed housing stock.

Commenting on the news, Chief Executive of property-careers.com® Ltd, Stephen Callaghan said: "The Bank of England has responded to the calls from industry for a rate-cut and their decision is very timely. The announcement will encourage greater stability and confidence in a market which has been hit by a range of issues including the Northern Rock and overseas financial problems."

He goes on to say: "Stability in an uncertain market is of fundamental importance to Home Information Pack providers as well as the general home buying and selling public. Our clients are now recognising the importance of dealing with property-careers.com® Ltd as we have the backing of LSL Property Services plc Group, a public limited company but others are not so fortunate in this uncertain and variable market."

December 2007