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A survey conducted by The National Association of Estate Agents (NAEA) revealed that a significant 40% of their members noticed a downturn in activity in the residential housing market as a direct response to the January interest rate rise.
The NAEA is advising the Bank of England against increasing rates further in April.
Peter Bolton King, Chief Executive of the NAEA, said: “I urge the Monetary Policy Committee (MPC) to show caution when casting their votes on interest rates this Thursday. There remain vast regional differences across the UK in the housing market. It is imperative that rates remain level if we are to avoid the danger of slowing the market further in some areas.
“Although rates are in fact historically low, for those who have bought property within the last eighteen months, the increases will have been significant. A further rate increase will do nothing to help those already struggling with the mortgage repayments on their first homes and will act as a further affordability barrier to the fragile first time buyer sector of the market.”
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