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NAEA warns against higher interest rates

The National Association of Estate Agents is advising the Bank of England against increasing interest rates further in November, when a further quarter per cent rise is expected to take rates to 5%.

The October Monetary Policy Committee minutes, provide a strong indication that the committee will almost certainly vote in favour of the increase when they meet again next week.

Peter Bolton King, chief executive of the NAEA, says: The residential housing market on the whole has performed well in 2006. However I would ask the Bank of England to remember that the market differs significantly throughout the UK, with some areas of the country seeing a slower housing market whilst London, the South-East and East Anglia are performing particularly well. A further rate rise could have a detrimental effect on the areas that are already looking slightly flat.

Both the NAEA September housing market report and the Council of Mortgage Lenders September figures showed a slight slowdown in the market since the August rate increase. The market, it appears was buoyant enough to absorb the rise without too drastic an effect, and from all reports the market is still in good shape. However their has to be doubt as to whether a further rate rise will be absorbed with the same confidence, and therefore ask the MPC to consider this carefully before they cast their vote


PMS launches sub-prime deal

Premier Mortgage Service has launched a three-year sub-prime product funded by Platform. The fixed rate is available across almost prime, minor and light adverse. There is a 0.20% rate reduction on Platform’s core rates plus free valuations.

Help clients understand the need for protection

The Office of Fair Trading and the Financial Services Authority fi-nally published the findings of their respective investigations into the payment protection in-surance market last week.

ARs have to obey principals and that’s a fact of agency law

From Nick Baxter In his letter last week (Mortgage Strategy October 23), Richard Griffiths seems upset that I mention the fact that appointed representatives have to follow instructions of their principals in my column. I’m sorry Richard, but this is a fact of agency law. He also states “we do not interfere in ARs’ choice […]

Yorkshiremen are nothing like Ebenezer Scrooge

From Philip Holroyd I write regarding Isabelle Kassam’s article headlined ‘Ebenezer Scrooge is a Yorkshireman’ (Mortgage Strategy October 23). As a Yorkshireman I take exception to her comparison. It is a well known fact that Ebenezer Scrooge became a generous benefactor. A true Yorkshireman would never let himself go down such a slippery slope. Philip […]

Auto-enrolment: tips for employers

The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]


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