Rates on hold
Evening Chronicle (Newcastle, England), Sept 4, 2008
THERE was no sign of relief for hard-pressed homeowners and borrowers today after the Bank of England kept interest rates on hold for the fifth month in a row.
The Bank's battle against soaring inflation saw it vote to leave rates at 5%, despite worsening prospects for the UK economy.
Meanwhile, the rate at which house prices are falling hit a new record in August with the Halifax index recording double-digit annual drops for the first time ever, figures showed today.
The cost of a home slid by a further 1.8% during the month to leave the average property costing pounds 174,178 - 12.7% less than in August last year.
COPYRIGHT 2008 MGN Ltd.
COPYRIGHT 2008 Gale, Cengage Learning
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