House prices eased in February to its lowest since May 2006. This is due to the Bank of England’s decision to raise the interest rate which has had an effect on the mortgage market.
The Royal Institution of Chartered Surveyors said, “The proportion of surveyors reporting that prices have risen compared with those saying that prices had dropped slowed to 24 per cent in February from 28 per cent the month before.”
According to the report, the most up-to-date figure is still in line with forecasts and stays just beyond an average of 21.6 per cent.
Ian Perry, RICS spokesman, siad, “The interest-rate rises have started to worry would-be buyers, with many concerned that they will be unable to meet mortgage repayments .”
Three interest rate rises have had a huge impact on buyer’s affordability with almost 20 per cent more surveyors reporting a fall than a rise in new buyer enquiries during February.
RICS added, "New buyer enquiries are likely to weaken further in the coming months as January interest rates takes effect on the market.”
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Property Growth Slowing Thu, 15 Mar 2007
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