Government austerity measure will slow UK property price increase

Investors looking to buy real estate in the UK may be interested to learn that the number of properties available for sale is at its highest level since January 2008.

Research conducted by FindaProperty.com has found that the number of homes currently on the market is 35 per cent higher than at the beginning of this year, with asking prices also increasing.

The portal claims that recovering prices, the scrapping of Home Information Packs and worries over changes to capital gains tax are encouraging sellers to the market.

"We've seen a flood of sales properties come on to the market this month," said Nigel Lewis, property analyst for the website.

"Demand for property has helped prices stay strong despite the explosion in the number of homes for sale and this fifth month of rises means asking prices are now higher than at any point since July 2008."

However, Mr Lewis predicted that the current austerity measures implemented by the government would prevent prices from soaring "out of control".

Nationwide building society recently claimed that price increases in the UK market would begin to slow later this month.

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