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Bank of England gives confusing opinion on UK property

Only a few days ago a member of the Bank of England's monetary policy committee suggested that the UK economy was on the crest of a recovery and the worst was over. Many people took this to be the official line from the Bank of England although over the weekend another member of the monetary policy committee has suggested that the UK property sector may stall in 2010 and could actually go into reverse. So why are we receiving different opinions from within the Bank of England?

Firstly, the reason that the Bank of England has a monetary policy committee is to bring together ideas and views which may differ markedly. Secondly, the Bank of England monetary policy committee works on a consensus basis with regards to any change in base rates or fiscal stimulus programs. However, it is confusing when members of the same committee go public with their own views even if they are backed up by "experts".

Kate Barker, a member of the monetary policy committee, is the lady who suggested the UK property sector is still in trouble, a view which has been upheld by estate agents who believe that under the surface there are still issues which need to be addressed. One of the major issues is the lack of first-time buyers in the UK market and everybody knows that first-time buyers are the lifeblood of the UK property sector. It will be interesting to say the least to see how the UK economy and the UK property market pan out in 2010!

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