Peter Rollings commenting on today’s house price figures from Halifax and interest rates decision from the MPC
Thursday, 04 March 2010
"Nationally, house prices slipped in February, as continuing bad weather and the post-stamp duty 'holiday' hangover hit buyer demand. But certainly I don’t think this is the start of a downward spiral for prices. There’s certainly no evidence to suggest prices have dipped in the crucial London market, in fact quite the opposite. The end of stamp tax relief passed without note in the capital where there’s a shortage of properties in the lower taxable threshold. Over the past few weeks, there’s been a renewed surge of interest from foreign buyers, many of whom are looking to take advantage of the weak pound. Asking prices and achieved prices in the capital are still rising steadily.
"But there’s no denying historically low interest rates have helped the property market recovery too, encouraging buyer activity. The Bank of England is right to hold off hiking up the base rate – a move which could dent the revival."
-ENDS -
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