House prices subdued
House prices ran out of steam in the past month, according to Rightmove. They believe buyers are struggling to match asking prices after the summer’s mini property boom.
The UK’s largest property website said the average asking price rose just 0.2% in the four weeks to September 9th to £214,566 after dropping 1.6% in the previous four weeks
It is not just first-time buyers who are struggling to afford their first home, many people hoping to upgrade to more desirable properties are finding them too expensive.
Many predict that interest rates will increase before the end of the year, however, Miles Shipside Rightmove’s commercial director does not regard this as a good idea "Asking prices are at a virtual standstill. The market appears to be correcting affordability issues itself and does not need further intervention for the Bank of England. At this pivotal stage it is likely to do more harm than good."
The UK’s largest property website said the average asking price rose just 0.2% in the four weeks to September 9th to £214,566 after dropping 1.6% in the previous four weeks
It is not just first-time buyers who are struggling to afford their first home, many people hoping to upgrade to more desirable properties are finding them too expensive.
Many predict that interest rates will increase before the end of the year, however, Miles Shipside Rightmove’s commercial director does not regard this as a good idea "Asking prices are at a virtual standstill. The market appears to be correcting affordability issues itself and does not need further intervention for the Bank of England. At this pivotal stage it is likely to do more harm than good."
posted by ew at
10:37 AM
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