Monday, October 16, 2006
Latest Rightmove survey shows prices on the up
House prices in England and Wales surged an annual 11.5 percent in October, taking asking prices to a record high, a survey showed on Monday, in a further sign higher borrowing costs have not stifled demand. The Rightmove data is in tune with other surveys showing the housing market shrugging off a Bank of England rate rise to 4.75 percent in August. "We have never (before) had a sustained low inflation, low interest rate economy combined with widespread home ownership," said Miles Shipside, commercial director at Rightmove."These unique conditions help push prices higher and higher. However, supply of houses coming onto the market is dropping."