The National Association of Estate Agents has asserted that major lenders should work to pass on the latest Bank of England rate cut to consumers.
Major lenders should commit to passing the latest interest rate cut to their consumers, the National Association of Estate Agents (NAEA) has asserted.
In a statement, the association claimed that the Bank of England's latest base rate cut is "good news for the housing market".
Earlier this week, the Bank of England cut the current bank rate to 3 percent from 4.5 percent.
The NAEA added that if lenders pass savings to their customers, the move could benefit working families looking to move house, as well as a large number of first-time buyers.
In addition, it suggested that these savings could help reduce the "current rash" of repossession orders.
The statement concluded: "This interest rates reduction, coupled with a clear move from the lenders, would send a strong and positive signal to house-hunters and owners everywhere that may result in improved consumer confidence."
Founded in 1962, the NAEA's current key roles include campaigning to make the UK property market more user-friendly and efficient for homebuyers and sellers.
In addition, the association provides guidance and help for property professionals and estate agents.
Currently the NAEA has a total of 10,000 members.
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