18
Feb
Asking prices 'up in February'
Property asking prices rose by 3.2 per cent in February, according
to new figures released by Rightmove.
Moreover, 132,000 homes entered the market during the month, the
organisation suggested, down from 144,000 for the corresponding
month in 2007.
Commercial director at Rightmove Miles Shipside claimed that the
recent cuts to the base rate of interest by the Bank of England
have meant that some confidence has been restored to the
market.
"It's not the start of another price boom, but the interest rate
cuts have no doubt given some sellers headier hopes," he
commented.
The firm added that the hike in prices has been distorted by the
increase in three and four-bedroom homes hitting the market before
the deadline when home information packs became mandatory for
people selling these properties.
This month, the Bank of England decided to lower the base rate of
interest to 5.25 per cent, down from 5.5 per cent.