BBA lending figures point to July rate rise, says RICS

The Royal Institution of Chartered Surveyors says lending figures from the British Bankers’ Association suggest a rate hike in July is inevitable.

Oliver Gilmartin, senior economist at RICS says: “The latest lending figures confirm the Monetary Policy Committee’s concerns that the housing market has been resilient in 2007 making a further rate hike guaranteed in July.

“Many indicators point to a slowing housing market in recent months with house price inflation expected to slow sharply into the Christmas period.”