Monday, Mar 19, 2007
Three IR rises do nothing to quell HPI
Reuters: House prices up in March
Asking prices for homes in England and Wales rose an annual 12.2 percent in March, shows Rightmove survey. But it's all been driven by London - price rises in Wales and the north of England only up 5 percent on a year ago.
Posted by bricksnmortarhaha @ 10:39 AM (169 views) Add Comment
2 Comments
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1. Sam said...
It's pretty amazing that they're publishing figures for march half way through it.
2. David20040_0 said...
Miles Shipside, commercial director of Rightmove, said: "With supply shortages rapidly overtaking the effect of interest rate rises, we reiterate our view that moderating house prices growth in the long term is dependent on building more homes where people want to live.
"As we have seen recently, raising interest rates can be used to influence the direction of prices in the short term but do little to address the underlying cause of house price inflation.
"Crucially they cannot address the increasing demand for housing driven by the need of a growing population."
The UK will continue to rise becuase we cannot build ourselves out of the problem.