The estate agents’ trade body has made the unexpected move of calling on banks to cut mortgage rates.
Rates are typically decided by market forces rather than lobbying, but Propertymark is calling on banks “to develop more affordable mortgage products to help ease borrowing costs and inspire consumer confidence.”
It says inflation is now steadying and Bank of England base rate cuts are “close on the horizon” so it is critical of the many mortgage lenders who in recent days have increased rates for borrowers, in response to movement on the swap market.
