Property market seems to be on the turn
Published on: Wednesday 03 October 2007 by
Property market seems to be on the turn
Both
residential and commercial property markets are slowing sharply in the UK as
higher interest rates start to bite. The buy-to-let sector has benefited but there may be trouble in store. Both Halifax and Nationwide reckon house prices rose on average by well under 1% in August, with the year-on-year rate of growth declining to 9.6% (Nationwide) or 11.4% (Halifax).
The Royal Institute of Chartered Surveyors said more of its members reported price falls than rise in prices in August, and that first-time buyer enquiries fell at their fastest rate for three years.
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