Recent base rate increase affects loan and housing market

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) September 30, 2006 -- The latest figures suggest that the housing market may run out of steam with a 0.2 % rise in the average price. The Bank of England�s recent base rate increase to 4.75% shows another major impact.

London (shakespearefinance) September 19, 2006: the latest data from one of the property website Rightmove suggested that the housing market might be finally be running out of steam.

The figures released by them showed that the average asking rate for a home rising just 0.2 per cent to �214,566 for the month through the first week of September. The weak number came on the top of an even weaker figure for the previous period.

The jury was still out on whether the Bank of England�s recent base rate increased to 4.75 per cent was yet having a major impact. The purchaser at the same time had started focusing on the next rise that could come as early as November. The next hike could prove the tipping point as it was supposedly factoring in higher council tax and utility bills.

Rightmove�s Commercial Director, Miles Shipside commented that the market might already be running out of steam and that they could be reaching a pivotal moment. Meanwhile, the firm forecasted the price to rise 8 per cent for the year as a whole.

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