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Fionnuala Earley, chief economist at Nationwide, said: "With the cost of mortgages starting to come down, activity could increase and restore some liquidity to the housing market," although she added that this will not be an "overnight" turnaround.

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The body called for the company to consider the interests of hard-hit consumers ahead of those of its shareholders.
Mark Leaper of moneymatchmaker.com, UK Price Comparison website commented after the Nationwide monthly house price figures for July were released - revealing a 1.7 % fall - went on to say that interest rates should soon start to reduce as the slowing economy curbs inflation.

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The firm has said prices will rise by 35 per cent a day after Centrica revealed profits of nearly £1 billion, a move that has sparked anger among bodies concerned that this could add to debt and poverty, such as those struggling with repayments and needing mortgage help.
Article Tags: Mortgage Rates
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