RSS FeedsHouse prices increase in February due to mortgage interest rate cut
18/02/2008
House prices in the UK have for the first time in 4 months increased possibly as a result of cuts in mortgage interest rates. According to recent research the asking price for a property in the UK has shown a 3 per cent increase. These figures have encouraged many property agents to go to market with increased prices which has reflected in the total properties available to fall by 10,000 less homes on the market last year.
Commercial Director of Rightmove Miles Shipside said “It's not the start of another price boom, but the interest rate cuts have no doubt given some sellers headier hopes."
Sellers will welcome these new reported figures; however it could be all good news for everyone. The study carried out by Rightmove details findings highlighting the influence of HIPs (Home Information Packs) and the sudden increase of 3 and 4 bedroom properties on the market.
Rightmove also commented on the increase in asking prices as "These are likely to prove to be unwarranted given the high level of existing property that is already on the market and the length of time that it has been there."
In addition, there is also evidence that that property agents are taking longer to sell their property portfolio and are having to hold properties for as long as 93 days in comparison to last years stats as 78 days.