Rate cut will not spur housing market, says CML

Yesterday's cut in the Bank of England base rate may have brought the interest rate down to 3.5% and the lowest level in 55 years, but the Council of Mortgage Lenders believes it is unlikely to have a major impact on the housing sector. Commenting on the rate cut, CML Director General Michael Coogan says the 0.25% interest rate cut will have little effect on the natural slowdown that is now occurring in the housing market. "The fact that the Monetary Policy Committee have today decided to cut interest rates confirms that they do not see the current state of the housing market as a...