UK property prices are up 3.0% annually and 1.4% in a single month according to the latest haart National Housing Market Monitor.
The total number of new buyers is up 27.9% annually but new properties for sale are down 4.4%, constraining actual sales to a 3.5% annual increase. The first time buyers surge continues and is up 76.2% annually.
The number of new buyers in London is up 60.3% on last year but new properties for sale is down 17.7%, resulting in only a 2.0% rise in sales transactions across the Capital.
First time buyers in London has more than doubled, up 109.1% annually.
Paul Smith, CEO of haart, with a network of over 100 branches, comments:
“Bank of England Governor Mark Carney’s recent promise to keep interest rates at 0.5% until unemployment drops to 7% – drawing on the US and Canadian models – is fantastic news for the property market. It heralds increased stability over the coming years with lenders able to offer attractive locked in deals. “Confidence is already creeping back with the number of new buyers up 27.9% annually and first time buyers up 76.2% in the same period. As a result property prices continue to rise steadily, up 3.0% annually and 1.4% on the month. The epic return of the first time buyer is also still in full swing, with a 76.2% annual surge in their registrations (109.1% in London). But we keep hearing it from all corners: far too few properties are coming onto the market. House builders either need encouragement from the centre to build or more existing home owners seeking to buy need to instruct agents now in order to unclog the market.”
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