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No summer let-up for UK house prices

UK house prices rose 7% annually and 3% on July 2013 to £205,006 – the highest they have been since 2005 according to Sequence’s National Housing Market Index, September 2013.

London average property prices lept 5% (£18,573) in a single month to £396,769 after a slight seasonal dip.

Demand surged across the UK with new buyer registrations up 22% annually and 2% on the month.

New buyer registrations in London rose more than three times faster than the rate of new properties coming onto the market (up 58% annually).

Mortgage applications continue to rise, up 29% annually and first time buyer applications up 34% annually.

David Plumtree, Chief Executive at Sequence, owners of 300 branches, including Barnard Marcus, William H Brown and Fox & Sons, comments: “August has recorded a number of ‘firsts’ as the recovery of the housing market across the UK continues unabated, underpinned by the ever strengthening availability of mortgage finance – applications are up 29% annually.

“While the weather has finally turned, we anticipate increasing demand in September, which is a key post-holiday decision making period for many and this will positively impact on prices unless supply improves. We have already seen the early evidence of this in London as average house prices have leapt an astonishing £18,573 in one month alone.

“The supply of new homes coming onto the market continues to be out-paced by new buyer registrations; in London buyer registrations are rising more than three times quicker than supply. Housebuilders can’t build properties quickly enough and buyers are snapping them up quickly recognising the finite resource. This will keep prices rising, which are now at their highest point since 2005, having smashed the £200,000 barrier last month.”

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