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House Price Increase Slowing Down

Tue, 19 Sep 2006
The recent increases in house prices are slowing down, so online property web site, Rightmove.co.uk, affirms today.

In the last month house prices have gone up only 0.2%, as buying and running home costs increase.

Asking prices are almost static.

Rightmove highlights the fact that only 123,000 new properties came onto the market in August, the least in number since January.

Usually this kind of properties for sale shortage would mean price rises. However, due affordability already being pushed to the limit this has not as yet happened.

Sellers trading up are being protected from rising prices, due to the fact that they were on the property ladder already.

Buyers face an average asking price of £214,566, 9.8% higher than September 2005 last year. You also have increased council tax, energy and mortgage bills .

An upbeat economy means the majority of sellers are waiting for buyer affordability to get better, as opposed to decreasing asking prices.

There is much demand from first-time buyers as well as existing homeowners who are wishing to move.
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