House prices continue to rise, says Rics
www.moneynews.co.uk > Housing market > House prices continue to rise, says Rics
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Money News |
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House prices continue to rise, says Rics
Thu 12th Oct 2006
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This latest increase represents the quickest growth for four years and house prices are growing fastest in London and the south-east.
The percentage of chartered surveyors reporting a rise in property prices was just under half at 45.1 per cent which is an increase of over ten per cent since August 2006, when 34.9 per cent found a rise occurring.
Speaking about the findings, Rics spokesman Jeremy Leaf remarked: "Greater economic activity has created a ripple effect in house prices across the country. With stocks of property low and buyer enquiries on the increase, sellers remain in poll position to benefit in the short term."
Mr Leaf then suggested that the Bank of England may have to lower interest rates from the current level of 4.75 per cent in a bid to ease the financial constraints surrounding house buyers, especially first-time buyers.
However, experts predict an interest rate rise and this could affect a slowdown in the demand for property as borrowing would prove to be more expensive.
Rics has 120,000 members across 120 countries and is accountable to members and the public. It aims to provide a high standard of training and education, provide customers with protection through regulation and give independent advice on a range of issues such as land and property.
Related News : Housing market |
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