Eight buyers (7.7) chased every new property instruction as the number of new buyers across the UK rose by over a quarter (26%) on last year according to Estate Agent Sequence.
The average UK house price has climbed 12% annually, albeit recording a slight dip of 1% on month, to £207,412.
UK sales transactions increased 17% annually and 7% on month as activity in the market heats up.
London’s average house price rises a staggering 22% annually, though drops 4% on month to £441,256
Mortgage applications from first time buyers rises by 7% on month and up 13% annually as new buyers continue to flood the market, applications for sellers also increases, up 5% and 18% year on year
David Plumtree, Chief Executive at Sequence comments:
“Activity in the market and competition for property across the country is heating up as we edge closer to spring. Fuelled by attractive mortgage products, the number of new buyers registering has risen by over a quarter annually (26%) and there are now eight buyers (7.7) chasing every new instruction. The shortage of available property is resulting in rapid price growth, with the average UK house price now 12% higher than this time last year and showing no signs of slowing down unless the supply/demand imbalance is rectified.
“In London over 13 new buyers (13.5) continue to compete for every new instruction, with the number of new buyers registering increasing by a quarter, annually. The number of new instructions is rising by just 13% as prices continue to grow, up 22% annually.
“With the Government’s redirection of finance from the Funding for Lending Scheme and interest rates expected to rise sooner rather than later, homeowners considering selling should seize the window of opportunity now.”
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