More interest rate cuts please, says property expert

Medical students hoping to invest in property may want to take heed of warnings that while the interest rate may have dropped, further reductions are still needed.

Change of address service iammoving.com welcomes the interest rate drop but claims it will do little to change the situation for potential buyers, with further action needed to prevent house prices dropping as a result.

Spokesperson Peter Beckett comments: "It will certainly take more than this to get the housing market moving again.

"This drop in interest rates is not going to be enough to change the way people are viewing the market but a series of drops over the next 12 months would start making a difference."

New research by iammoving.com has shown that 14 per cent of respondents intending to move are planning to drop out of the property market and rent for the foreseeable future to free up their money.

The Bank of England's monetary policy committee yesterday voted to reduce the interest rate by a further 0.25 per cent to five per cent.



Wesleyan Medical Sickness provides specialist financial advice for medical professionals.