19 August 2003, 12:27  UK house price growth steadies

House prices in the UK and Wales stabilised in the three months to July following a string of falls earlier in the year, a new survey said. According to the Royal Institution of Chartered Surveyors (RICS), the balance of surveyors reporting a rise in house prices minus those identifying a fall rose to minus two in the three months to July from minus 13 in the three months to June. This is the highest reading since January.
The organisation said the relatively steady figure after months of decline reflected a slowdown in the number of new houses on the market. "Stagnation in the number of houses coming on to the market, more buyer enquiries and increased competition for properties coupled with a rise in market confidence, point towards sellers regaining the upper hand," RICS said. The pace of increase in buyer enquiries is the strongest since last September, indicating that the continuing low interest rates and relatively stable labour market are once again encouraging a rise in demand. The Bank of England last month cut interest rates to a 48-year low of 3.5pc, its ninth rate reductions in two years///www.fxcentre.com

© 1999-2024 Forex EuroClub
All rights reserved