Price boost for homeowners

Posted: 18 Feb 2008 11:34:14 GMT

UK homeowners received a boost in February, with the average property price rising again.

UK homeowners received a boost in February, with the average property price rising again.

That is according to the Rightmove house price index, which shows price movement in the four weeks leading to February 9th.

The average property price was recorded as £237,856, up on the £230,428 recorded in January.

Miles Shipside, commercial director of Rightmove, said that recent cuts to the base rate of interest have led to increased confidence in the market and helped to boost prices.

"It's not the start of another price boom, but the interest rate cuts have no doubt given some sellers headier hopes," he said.

"Most sellers obviously want to achieve as much as possible for their property, and traditionally they choose to test a more ambitious price early in the year as they have plenty of time to adjust it down later," continued Mr Shipside.

The National Association of Estate Agents recently revealed that housing stock levels increased in January.

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