Price rises slowing as more homes go on market
21st June 2010
Canny house buyers may want to start looking for mortgage protection deals and home insurance quotes while the effects of the new Government's decision to scrap home information packs (Hips) takes effect - stalling the rate of property price growth.
Property website Rightmove said the average price of a home in England and Wales rose just 0.3% in the five weeks to June 12, small compared with the 2.6% rise during April.
At the same time, there was a 22% rise in the number of people putting their properties on the market, increasing competition among sellers.
Rightmove warned that the house price recovery could be short-lived as this, coupled with a slump in the number of potential buyers, took effect.
Would-be buyers have been hit by a shortage of available mortgages and an expected hike in capital gains tax (CGT) in the emergency Budget.
Commercial director of Rightmove, Miles Shipside, said: "The continuing mortgage famine has now been joined by a surge in sellers following the abolition of Hips and investor reticence driven by rumours of CGT increases.
"Together, these factors are likely to put an end to this year's recovery in house prices."
Copyright © Press Association 2010
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