Mortgage rate drops are 'commendable'
Tuesday, 11th November 2008

A major housing developer has congratulated the Bank of England for its move to dramatically drop the interest rate.

Miller Homes commented on the action as providing great opportunities for both housebuilders and people buying property in the UK.

National sales and marketing director Sue Warwick said that with housing demand still remaining high in the country despite a drop in sales, demand would still outstrip supply and house prices would be driven up.

She stated that the drop would "ease the fears of high monthly repayments on a new mortgage and give househunters a much needed boost".

Ms Warwick added: "This new opportunity is combined with a whole host of once in a lifetime deals being offered by housebuilders."

The Miller Group is the UK's largest privately owned construction business which specialises in housebuilding and property development, governed by chairman Bob Speirs, a former finance director of the Royal Bank of Scotland.