With the UK property market still struggling, many experts are saying that interest rates could be as low as 4 per cent by the start of 2009.
While this news would be good news for people with tracker and variable rate mortgages, it would mean that the market will still be struggling by the start of next year, which is bad news for everyone in the UK.
Howard Archer from Global Insight commented, "We still believe that interest rates could eventually fall as low as 4.0 per cent by 2009, but it will be a gradual process."