Average UK house prices have risen to £209,923, up 3% on month and 11% annually according to the November 2013 National Housing Market Index from Sequence.
Sales transactions increased by 4% in October, up 33% annually, a three year high whilst London prices hit a new high of £404,199, up 4% on month and 10% annually.
London’s sales transactions rose by 9% on month and 57% annually. There are almost seven buyers now to every new property across the UK (6.6/1) – the highest level since records began.
The number of mortgage applications has increased 6% on month and 45% annually as buyers continue to flood into the market.
David Plumtree, Chief Executive at Sequence, owners of 300 branches, including Barnard Marcus, William H Brown and Fox & Sons, comments:
“The appetite to buy property across the UK has risen to record levels, with almost seven new buyers for every new property coming onto the market. This has impacted on property prices as competition for every new instruction intensifies and we have seen the average house price rise by 3% in October which equates to £5,583 in one month alone and 11% annually.
“In London where close to 14 people are competing for every property, prices have risen by 4% on month and 10% annually. This has taken the average price of a London property above the £400,000 threshold for the first time since our records began.
“In spite of rising prices, there has been a surge in mortgage applications across the board, demonstrating that buyers are still willing and able to buy. Increasingly attractive mortgage rates and incentives such as Help to Buy are fuelling the drive in demand and as long as this continues, we can expect to continue to see prices rising.”
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