As the Bank of England holds interest rates again the director of Move with Us, the residential property specialist urges the Government to take swift action, to provide a jolt for the property market.
Robin King, director of Move with Us comments:
“The property market desperately needs a major jolt and swift action from the Government. The only way we will move out of the current impasse is for the Government to be bold and make an intervention. Having the confidence to move in to negative territory by slashing rates is what is needed.
“Unless lending becomes more readily available, demand for properties will continue to remain subdued. With minimal movement in house prices and a low turnover of housing stock, people will just have to continue to sit tight and be ‘locked in’ to their current properties. This situation cannot go on forever as the housing market is a vital component to our financial health and it’s time for decisive leadership.”
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