House prices "at a standstill"
Oct 24, 2006
The recent boom in house prices could be slowing down, a new report claims.
After a summer of high housing market activity, house prices rose by only 0.2 per cent, or £526 in september, the House Price Index from Rightmove reveals. This is much lower than July's figures, showing a house price surge of 2.9 per cent.
The average house price is now £214,566, which is 9.8 per cent higher than in September last year. Only 123,000 new properties came onto the market last month, which is the lowest number since January, while the cost of running a home has increased. However, this has not caused a rise in house prices as affordability is already strained and sellers trading up are delaying marketing until their affordability improves, due to wider price gaps between the rungs on the property ladder, said Rightmove.
The commercial director of Rightmove thought that asking prices were at a virtual standstill and that the market appeared to be correcting affordability issues itself and didn't need further intervention from the Bank of England. He thought that BofE action at this pivotal stage would be likely to do more harm than good.
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