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HOUSE PRICES HIT NEW HIGH02/18/2008
Confidence is returning to the property market following figures released for the first month in 2008, which show property values rising by 3.2%.
The new figures were published by property website – Rightmove. These figures show that the housing market is not in decline and also suggest the much-predicted price falls may well not materialise.
In order for the house price rises to continue, the Bank of England needs to reduce the base rate further to keep in line with cuts in the US. This is anticipated and the latest rise combined with February’s interest rate cut will encourage optimism amongst buyers and sellers. The growth is set to continue as further rate cuts are due, which will ensure confidence in the market.
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