LONDON - Britain's housing market recovered momentum in September, as the Bank of England's first interest rate cut in more than three years and greater political certainty after July 4's election boosted activity, property website Rightmove (OTC:
But Rightmove said there were"still uncertainties ahead, including the timing of a second Bank Rate cut, and which segments of the market could be affected by announcements in October's Autumn Statement." Prime Minister Keir Starmer's Labour government has promised to reform Britain's planning system and has set mandatory targets to speed up housebuilding, but the shortage of home supply is likely to remain a factor driving prices for the medium term.Rightmove's monthly survey also showed the number of sales agreed between buyers and sellers rose 27% from a year ago as buyer demand improved on the back of lower borrowing costs.
Other measures of Britain's housing sector have also shown improvement in sentiment after a recent fall in interest rates.
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