23 Jun

Ministers urged to steer clear of dictating price of property for sale

Ministers urged to steer clear of dictating price of property for sale

The price of property for sale in Gillingham, Kent and other areas of the UK should not be dictated by ministers, it has been claimed.

Government intervention in the housing market has been mooted amid fears that another property boom could throw the country into economic instability.

But MyMortgageDirect director Catherine Hearnden believes that the sector should be "allowed to regulate its own prices and go with the economy".

She indicated that if the housing market is deemed worth of regulation, then everything else should be too.

"People are crying out for things like fuel stability and they haven't gone with what was suggested on that," Ms Hearnden noted, although she did indicate that the lending market needs to be brought back under control.

Recent figures released by SmartNewHomes indicated that the average price of a new property hit a 31-month high in May 2011, rising to £228,041, which is the highest level since October 2008.

This could determine the price set by sellers of property for sale in Gillingham, or other regions in Kent.ADNFCR-1222-ID-800597799-ADNFCR

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