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Peter Black and South Wales West Liberal DemocratsRepresenting Aberavon, Bridgend, Gower, Neath, Ogmore, Port Talbot, and Swansea |
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AM urges Interest rate cut to help first time buyers
January 17, 2008 12:00 AM
The Welsh Liberal Democrat Spokesperson for Housing, Peter Black, is supporting calls on the Bank of England to cut interest rates so as to stabilize the housing market and to give first time buyers a better chance of getting on the housing market.
Mr. Black was speaking in support of the Royal Institution of Chartered Surveyors who are fearful that a possible slump in the housing market could fore-shadow a wider economic recession. They have said that last summer's credit crunch combined with successive interest rate rises have deterred people from buying homes.
"If we are to tackle the issue of affordability then we need to cut the cost of borrowing for homebuyers whilst continuing to encourage builders to add to the housing supply," said Mr. Black. "There has been a steady increase in the number of new properties coming onto the market but that trend will only continue if there is a stable housing market."
"My view is that a cut in the cost of borrowing will benefit everybody. It will assist people wanting to buy a house by making it more affordable, whilst it will also stimulate demand for new homes in key areas that will in turn encourage developers to keep building them. Nobody wants to see our green areas becoming a concrete jungle but if we are able to make good use of brown field sites to provide a steady supply of affordable homes then everybody will benefit."
Ends
Note: Further information is available here: http://www.guardian.co.uk/money/2008/jan/16/houseprices.interestrates
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