Peter Rollings commenting on this mornings house price figures from Halifax
Thu 10 Sep 2009
"The increase in house prices nationally comes as no surprise and in pockets of the country most notably in London prices are rising faster than these numbers indicate. The underlying problem is a lack of supply of properties on the market. Some homeowners lack confidence and are reluctant to take on a bigger mortgage and the cost of moving, while others are restricted by difficulties in obtaining a larger mortgage. The shortage of properties for sale is, in turn, dissuading other homeowners from putting their homes on the market creating an inevitable bottleneck.
"The introduction of 'first day marketing' HIPs has also had a detrimental effect as it takes the immediacy out of the market and puts off owners who are only prepared to sell if they first find the 'perfect' place to buy."-ENDS -
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