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Rise came to quick, says propertyfinder.com

Propertyfinder.com has warned that the surprise rate rise will mean that the housing market will not be able to cool gradually.

The property website predicts that more severe changes will have to be made to the economy if the housing market is to remain stable.

Warren Bright, chief executive of propertyfinder.com, says: Todays interest rate increase is bad news for the housing market.

“The impact of the August and November rate hikes still needed some time to take effect and this move by the Monetary Policy Committee will prematurely increase pressure on home buyers.

“We expected the market to slow naturally in 2007 but a more abrupt adjustment is now more likely.

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