Property prices continue to grow

Posted: 18 Jun 2007 10:52:23 GMT

New figures have suggested that the UK property market is continuing to grow, but at a lower rate as the interest rate rises of the past 12 months begin to bite.

New figures have suggested that the UK property market is continuing to grow, but at a lower rate as the interest rate rises of the past 12 months begin to bite.

According to a report from Rightmove, property prices grew by 0.8 per cent between May and June, representing something of a cooling in the market.

The researchers have suggested that the cooling in the market may have been as much to do with the false home information packs (Hips) deadline as much as the impact of recent rate rises.

There was a major increase in the amount of new housing stock coming onto the market in May, as many sellers sought to sell their properties before the planned introduction of Hips in June.

Despite the fact that Hips were eventually postponed, many sellers had already put their property on the market by this point, meaning that there was far more stock available to buyers than compared to previous months.


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