Five-year low for house price gains
The monthly rate of house price increase has slowed to its lowest amount in five years, it has been announced.
And higher interest rates could be to blame, reports the Daily Telegraph.
Rightmove has reported that February saw a 0.9 per cent rise in prices, lower than the two per cent average seen in the same month over the previous few years.
House prices grew by 11.5 per cent during the month, compared to the 13.5 per cent increase in January, the organisation added.
The commercial director of Rightmove, Miles Shipside, acknowledged that the figure for February is two to three times lower the amount that is usually measured and cited January's interest rise as a possible cause.
"The shock tactic of one unexpected rate rise early in the year appears to have had the desired effect," he said.
In Janaury, the Bank of England raised the interest rate to 5.25 per cent, the highest it has been at since July 2001.
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