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 Significant confusion is arising in the UK property market as conflicting reports on house price growth are released.
The Department for Communities and Local Government, the Royal Institute of Chartered Surveyors and Halifax have reported that house price growth is slowing.
Conversely, the Financial Times and Nationwide say that growth has accelerated and all of this is leading to confusion.
Global Insight has moved to try and clear things up and has commented on the results, stating that it appears as if the housing market is losing momentum.
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It points out that the latest round of interest rate rises has decreased affordability and this means there are fewer buyers entering the market.
The base rate currently sits at 5.75 per cent and is at a six-year high with many analysts predicting another 0.25 per cent rise before the end of the year.
With affordability decreasing and fewer first-time buyers entering the market, it is becoming evermore difficult to sell a property.
David Harber, operations manager of National Homebuyers says: "This is just another symptom of the confusion that a house seller can experience when selling their house through the traditional 'chain model'. When there is confusion among the experts as to the average price of a house, how is the average seller supposed to process this information and come to a more informed conclusion?"
Harber continues: "The real problem is that people are make life changing decisions based on these surveys, and the contrasting indicators. Who, or who not to trust can require an expert in the housing market in its own right."
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