RICS: Halifax August housing figures

Commenting on the Halifax data, RICS senior economist Oliver Gilmartin said; “The strength of recent house price data will mean that any talk of an interest rate cut remains premature, as the Bank of England attempt to slow the pace of economic growth and consumer spending into 2008. The resilience of the housing market in recent months stands in contrast to indicators at the start of the home buying process which do show that a cooling is underway. Evidence from the High Street suggest that consumers are starting to feel the pinch from the five interest rate hikes over the last year with retail sales figures easing in recent months as affordability has deteriorated.