Search
 

Housing Market Takes off Again

LONDON-A shortage of properties for sale is driving a new surge in house prices, despite this month's 0.25% rise in interest rates, according to the RICS.

By Graham Parker | Updated on November 18, 2003

LONDON-The latest 0.25% rise in interest rates increasingly frustrated unless more properties come onto the market. The recent interest rate increase is unlikely to have much impact has failed to take the steam out of the property market according to the latest survey from the RICS. A severe shortage of key types of property in sought-after areas has led to tough competition, as buyers become increasingly frustrated by lack of choice.

The number of unsold properties on the market fell in October–the fifth consecutive monthly decline–and are at their lowest levels since February this year. The number of new properties coming onto the market seems to be failing to keep pace with sales. But buyer enquiries registered a fifth consecutive monthly gain in October as the employment climate improved.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.