HIPs slows rise in house prices?
Research by internet property website Rightmove.co.uk has found that the rate of growth in house prices has slowed, which has been attributed mostly to the introduction of HIPs.According to the Rightmove, rises in the average asking price for a UK property stayed almost stable, with only a 0.4 gain since May 12th. The worst hit area was the West Midlands, with a 2.6 per cent dip, followed by the north-west and east regions.
Rightmove.co.uk said the slow down in growth was attributable to the four interest rate rises since 2007 and the introduction of HIPs creating a rush of sellers to the market before the June 1st HIPs deadline.
A report by Global Insights was bearish on the growth of the UK property market, arguing it is "coming off the boil", and although growth will continue, worries over further interest rate rises would dampen the recent accelerated pace of price rises.
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