Monday, May 28, 2007
Hometrack reporting slowdown in prices and activity
Firstrung: House prices grew slightly in May as interest rate rises begin to bite - Hometrack
"The steady ratcheting up of interest rates was bound to take its toll eventually, we expect the headline rate of growth to slow relatively quickly over the rest of the year towards 4% as affordability pressures put a continued squeeze on purchasing power and more supply comes onto the market."
Posted by converted lurker @ 11:09 AM (161 views) Add Comment
4 Comments
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1. confused76 said...
A slowdown is widely reported in the press. But i am sure there will be mixed news on prices over the next few weeks...
http://news.google.co.uk/news?hl=en&ie=UTF-8&oe=UTF-8&tab=wn&ncl=1116678253
2. royston said...
Excellent! Asking prices are still rising. That should prevent the MPC from becoming overly dovish for fear of collapsing the housing market. On the other hand, how stupid would you have to be to buy in at these silly levels? I suppose there will always be a few but I expect the market to dry up. That will make changes in transaction prices meaningless over the coming months because they will contain few observations. Asking prices will eventually have to drop to reconnect sellers with buyers.
3. shipbuilder said...
The Northern Ireland bubble will burst this year - word from EAs here is that speculators are beginning to pull out of the market - in some parts of Belfast sellers are being told to expect no more than the asking price, and apartments are going up left, right and centre.
4. Scott said...
Tell everyone about http://www.propertysnake.co.uk. Put a post in every internet forum you can think of. It is time to send the message.