Industry analysts find that asking prices for property in London fell by 0.5%, suggesting they may have hit an ‘affordability cap’.
This is the first time in 2014 that listed prices for homes fell by 0.5% in early June according to Rightmove, the nations largest property website. According to Rightmove this is largely due to a rapid increase in sellers rushing to cash in on rising prices.
Now, industry experts are suggesting that an “affordability cap” had been hit, in particular in the capital but also in other areas in teh nation.
The increasing property prices have been the subject of much debate recently. Chancellor George Osborne just last week stated that he would give the FPC new powers to impose caps on the amounts lenders hand out for home loans compared with customers’ incomes or the value of their property.