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Interest rates held for the 12th consecutive month
With today's decision by the Bank of England to hold interest rates at 0.5%, it marks one year of stability with interest rates remaining at the same rate for the past 12 months.
Comparing the mortgage market of March 2009 to that of today, there are less mortgage products available (3150 in March 2009 versus 2716 in March 2010) and both the average standard variable rate and average two-year fixed rate are higher now than they were in March 2009.
Commenting on the latest figures, Tony Rice, of Bedfordshire-based specialist mortgage and insurance broker TMP Mortgage Zone, said: "Looking back over the past year, keeping interest rates at 0.5% hasn't really had much impact on the mortgage market when you compare the situation today to that of a year ago. Despite the low bank base rate, first time buyers still find it difficult to get a good rate and difficult to find lenders offering mortgages with 90% loan-to-value ratios. Until we start seeing more first time buyers being able to get on the housing ladder, any sustained and significant boost to the housing market isn't going to happen."
[ 04-03-2010 ]
