Number of people looking for property rises
www.moneynews.co.uk > Housing market > Number of people looking for property rises
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Money News |
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Number of people looking for property rises
Mon 23rd Oct 2006
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This can be attributed to the fact that mortgage rates are decreasing – a factor that is thought to be enticing more buyers into the housing market says propertyfinder.com.
Of those surveyed, 56 per cent said that they had been actively seeking a property for a month or less, representing a rise of eight per cent on July's figure.
"The acceleration in the number of new buyers coming to the market will sustain demand for housing right up to Christmas," explained Warren Bright, chief executive of propertyfinder.com.
"This is a combination of a seasonal effect and the favourable mortgage market. While base rates are on the up, fixed rates on mortgages have actually been falling since the middle of September."
As so many people are looking for a new house, the research found that sellers were less likely to reduce the asking price. Sellers are accepting offers an average of 3.5 per cent below the asking price which is down from 5.5 per cent last year.
The Bank of Scotland's latest quarterly house price index shows that presently, house prices in Scotland are growing almost twice the average rate of the rest of the UK.
Related News : Housing market |
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