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London Property Guide for 2012
Despite positive indicators from a number of sources that the housing market is in recovery with successive house price rises, the recession appears to have been deeper than previously thought. GDP fell further in the second quarter of 2009.
On the one hand, there is a considerable stimulus still working through from the easing in monetary and fiscal policy and the past depreciation of sterling. On the other hand, the need for banks to continue repairing their balance sheets is likely to restrict the availability of credit, and past falls in asset prices and high levels of debt may weigh on spending.
The Committee expects the announced programme to take another three months to complete. The scale of the programme will be kept under review. Bank of England News Release
The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.5% on 5 March 2009. A £75 billion programme of asset purchases financed by the issuance of central bank reserves was initiated on 5 March 2009. The programme was increased to a total of £125 billion on 7 May 2009.
Information on the Asset Purchase Facility can be found on the Bank of England web site at http://www.bankofengland.co.uk/monetarypolicy/assetpurchases.htm.
© Housing Market News by The Little House Company
