Property News

Monday, February 19, 2007

House price rises starting to slow

According to the property website Rightmove, asking prices for homes rose an annual 11.5% this month, the weakest reading in four months, in a sign the market is stabilising amid higher borrowing costs.

The data has not been adjusted for seasonal factors but February's annual rate compared with a 13.5% rate in January was the lowest since last October.

Rightmove's commercial director, Miles Shipside said "With prices still at record levels and upwards interest rate speculation, sellers are showing signs of realising that buyers' resources have a limit."

London continued to report the fastest rate of house price growth in the UK, up 21.7% on the year, and asking prices in south east England were up 14.8%, but Rightmove said the pace of growth seemed to be slowing.

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