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info@sturgessvandamme.co.uk

Telephone: +044 01275 349 011

Fax: +044 01275 349 368

RICS COMMENT ON INTEREST RATE DECISION

Commenting on the Bank of England‘s interest rate decision, Matthew McKaig, director of RICS in the West of England, said:

"The RICS welcomes today‘s move by the Bank Of England although further interest rate cuts may be necessary to offset a continuing tightening in the cost of credit which is hitting household finances. It is significant that December‘s interest rate cut has had little impact on consumers' wallets.

Lending standards are continuing to tighten with both the lowering of loan to value ratios and the changing terms for credit cards adding to the bad news for beleaguered borrowers. Whilst a reduction of 32 pounds on a typical mortgage may offer some comfort, should the rate cut be passed on in full, rising costs elsewhere are likely to offset any benefit."

ENDS             7th February 2008

For further information please contact Violet Ridge, Sturgess Van Damme, on 01275 349011 or email violet@sturgessvandamme.co.uk