RICS comments on rate cut

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The Royal Institution of Chartered Surveyors (RICS) has commented on today’s decision from the Bank of England to lower interest rates to 1%.

Debbie Walsh, Head of public policy and communications RICS West said: “Today’s cut in the base rate may provide a small boost to the current weak levels of confidence in the economic outlook, but this decision urgently needs to be supported by other measures.

“There is still a real need to stabilise the economy and increase the supply of mortgage finance to ensure an orderly housing market. The various measures announced by the government should go some way to achieving this providing they are introduced as quickly as possible.

“Recent RICS surveys show that interest amongst potential buyers has strengthened considerably but the ability to translate that interest into a successful purchase is still out of many people’s grasp – it is this lack of access to mortgage finance that needs to be overcome. Likewise support from financial institutions for construction sector businesses and the wider business community needs to return to more sensible terms.”