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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Tommaso who wrote (10152)	8/3/2004 10:02:41 PM
From: mishedlo	Respond to of 116555

UK housing market responding to rate hikes as asking prices fall - survey Tuesday, August 3, 2004 11:16:13 PM afxpress.com LONDON (AFX) - Average asking prices for UK houses fell 0.5 pct in the three weeks to July 31, indicating that the housing market is finally responding to higher borrowing costs, according to a survey by property website Rightmove Average asking prices fell to 195,306 stg from 196,198 -- a drop of 0.5 pct in the three-week period from a 1.2 pct rise in the previous corresponding period. Annual house price inflation also fell slightly, to 17.6 pct from 18.0 pct in the previous survey The report is compiled from asking prices of properties put on sale through the website, roughly half the market The survey comes just ahead of the decision on interest rates by the Bank of England's Monetary Policy Committee, when the main repo rate is widely expected to be hiked by a quarter of a point to 4.75 pct Six out of ten regions in England and Wales saw falling or static asking prices over the three week period, with the North and Yorkshire and Humberside still posting rises. The North West and the South East saw small rises, while asking prices fell the most in the East Midlands, by 1.9 pct, and in Greater London, by 1.3 pct The findings contradict last week's Nationwide survey, which said house prices rose by 2.1 pct in July, suggesting that the housing market remains buoyant Rightmove believes the survey is "incontrovertible evidence" that prices are coming off their peaks as higher borrowing costs start to bite fxstreet.com