18 Feb

Asking prices 'up in February'

Asking prices 'up in February'

Property asking prices rose by 3.2 per cent in February, according to new figures released by Rightmove.

Moreover, 132,000 homes entered the market during the month, the organisation suggested, down from 144,000 for the corresponding month in 2007.

Commercial director at Rightmove Miles Shipside claimed that the recent cuts to the base rate of interest by the Bank of England have meant that some confidence has been restored to the market.

"It's not the start of another price boom, but the interest rate cuts have no doubt given some sellers headier hopes," he commented.

The firm added that the hike in prices has been distorted by the increase in three and four-bedroom homes hitting the market before the deadline when home information packs became mandatory for people selling these properties.

This month, the Bank of England decided to lower the base rate of interest to 5.25 per cent, down from 5.5 per cent.ADNFCR-1222-ID-18471779-ADNFCR

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