House price growth turns negative
www.moneynews.co.uk > Housing market > House price growth turns negative
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Money News |
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House price growth turns negative
Fri 14th Sep 2007
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Almost two per cent more chartered surveyors reported a drop in prices rather than a climb, the Rics numbers show.
Among the factors to blame is a summer that saw a series of interest rate rises from the Bank of England.
RICS spokesman, Ian Perry, said: "Potential house buyers have become far more cautious as they wait and see what affect interest rate rises will have on household finances.
"Affordability is at its most stretched in over a decade and many will worry that rising mortgage repayments will prove a step to far."
As autumn arrives, the market is to "soften further", added Mr Perry.
And the advent of home information packs has resulted in less four-bedroom houses being sold, he continued.
Earlier this month the monetary policy committee of the Bank of England decided to leave the interest rate 5.75 per cent.
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