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Rate cuts will protect UK housing market if recession hits

Interest rate cuts will protect the UK housing market from the impact of the terrorist attacks on New York’s World Trade Centre this week, say IFAs.

Charcol and London & Country are among many mortgage brokers which believe the Bank of England will cut rates as early as next month to keep consumer confidence high and sustain the boom in the mortgage market.

Both say they expect to see a slight dip in the number of people looking to move over the coming weeks but expect this to be a short-term trend only lasting as long as interest rates remain at their current level. However, Charcol warns that it may change its prognosis for the market if there is an unexpected reaction to the crisis by the US Government.

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