House prices in ‘limbo-land’

Posted 14/08/2011

House prices are in limbo at the moment due to the state of the economy, according to Rightmove.

The company has revealed its monthly look at the markets and claims the figures show the sector has remained broadly stable for the last four years.

Numbers were said to be comparable to those from one year ago, but Miles Shipside, director of Rightmove, said the world’s financial “jitters” are bound to have an impact.

“In spite of the continuing global economic unrest, the UK housing market has several unique factors that should help to insulate it from downside risks,” he said.

Mr Shipside added that a relaxation of mortgage finance could provide a boost to house prices, while a further marked deterioration in employment may also have an effect.

This comes shortly after the latest Royal Institution of Chartered Surveyors found the price of residential properties throughout the UK fell during the last month. 

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