20
Oct
Low interest rates 'encouraging people to buy'
Low interest rates in the UK mean that those looking at apartments for sale in Newport can now afford to borrow
money and purchase their dream home.
This is the claim made by Liam Bailey, head of residential research
at Knight Frank, who offers his opinions on why house prices have
been rising over the past six to seven months.
He thinks that because supply is falling, sellers are able to
demand more for each property and costs are being driven up.
Furthermore, the growing confidence in the state of the economy
means that people have more confidence when it comes to bidding for
homes and closing sales.
Mr Bailey added that it has become a seller's market. He stated:
"You can't be too ambitious on your price, but if you set a
realistic asking price, you ought to be able to sell in a fairly
short timeframe."
The Land Registry's House Price Index recently revealed that in
August, London and the west Midlands both saw a property price
increase of 0.8 per cent – the highest in the
country.