House prices continue moving upwards

The property market remains buoyant going into the festive period with house prices continuing to move upwards, according to property experts.

Homeowners are reluctant to sell while the demand for housing remains resilient and so there appears to be no Christmas cheer for first-time buyers, according to the Royal Institution of Chartered Surveyors.

Nonetheless, the National Association of Estate Agents has proclaimed that this is an annual event, although it does seem to have happened more markedly this year compared to last year.

Paul Holmes, the chief executive officer of First Rung which provides advice for first-time buyers, said: "I''d say that this is an annual tradition or event, however direct comparisons between now and this time last year would suggest that the brakes have been stamped on a little bit more aggressively than in previous years."

He added that more people may be deterred from buying a house next year due to successive rises in interest rates.


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