“Don’t Raise Rates Again!” - Industry figure’s desperate plea to Bank

An outspoken property industry figure has urged the Bank of England not to hike interest rates. 

The National Association of Property Buyers says things remain “very fragile” in the sector - and that a 15th consecutive rise tomorrow could prove a tipping point for many mortgage holders.

NAPB spokesman Jonathan Rolande says: “There are very, very fragile signs of recovery in the housing market. A small but important September bounce has been helped by some keener pricing on mortgages. 

“Plus, a year after rates began to rise, there is a growing acceptance from buyers that this is ‘the new normal’ so they might as well buy a home now, rather than waiting.

“With inflation seeming to slow and house prices still falling, now is certainly not the time to reduce the base rate, that would just put us back to square one.”

Rolande says the previous 14 rises have had the desired cooling effect on the economy but have been quite disastrous for many families and landlords without the luxury of a fixed-rate mortgage. Adding to that pain now may well tip many into arrears.

Setting out what he thinks the BoE should do he adds: “It would be better to wait and see what the longer-term effects of the previous rises will be, without the risk of tipping many borrowers into debt and the country into recession. 

“I hope the Bank of England takes time to pause for breath following the flurry of activity in the last 14 months. Millions of hardworking homeowners will be hoping for the same.”