Asking price growth slows

Posted: 23 Jul 2007 10:40:43 GMT


            Property News - Asking price growth slows

There was more evidence that the property market is beginning to cool this morning with the release of new figures from Rightmove.

There was more evidence that the property market is beginning to cool this morning with the release of new figures from Rightmove.

The property portal revealed that asking prices rose at their slowest level this year between June and July.

An increase of 0.3 per cent last month, followed a 0.8 per cent rise between May and June.

Annual price rise growth fell from 13.2 per cent to 10.3 per cent.

"This is further evidence that the 'mini boom' is coming to an end," said Miles Shipside, Rightmove's commercial director.

"As long as employment remains buoyant, prices are likely to remain broadly at these levels."

"However, depending on local supply and demand, sellers are going to have to duck and weave with their asking prices, especially if there is another rise in interest rates," Mr Shipside added.

The Bank of England meets at the beginning of August to consider its next interest rate decision.

With the base rate now at 5.75 per cent, homeowners are facing a tougher time with their mortgage repayments.


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