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20 September 2006
House prices are flattening out, making further interest rate rises unnecessary, according to property website Rightmove.
Between August and September the average house price was up 0.2 per cent, following a fall last month, with the overall average price 9.8 per cent higher than a year ago. Miles Shipside, Rightmove's commercial director, said the market was at a "pivotal" stage and argued that the Bank of England should hold back on any further interest rate rises, as they would do "more harm than good". Rightmove expects house prices to fall in the next few months, with the overall rise through 2006 being eight per cent. A number of economists have predicted a further interest rate rise in November, with inflation remaining above the government's two per cent target. If a rise in house prices affects you and your current credit commitments, check your credit report and ensure you're up to date.© Copyright Adfero Ltd
