House price inflation hits 9-month high for first time buyers

29-Sep-2006

First time buyers saw the price of purchasing their first home increase by 1.3 per cent in September, according to data from Nationwide.

In comparison, the highest rise seen this year was 1.4 per cent in January, leading many analysts to conclude August's interest rate rise has had "no impact on the market", an expert claims.

Ed Stansfield, property economist at Capital Economics, said: "It is entirely possible that the market will simply shrug off such a modest rise."

However, he added that the economic analysis firm believes "it is still too early to make a definitive judgement".

The cost of borrowing was increased by the Bank of England in August to 4.75 per cent from 4.5 percentage points.

Meanwhile, rises in this month's house price inflation represent an annual increase of 15.3 per cent.

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