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Spring market heats up March house sales

From Property Talk Live on May 1, 2014

UK house prices rose 11% annually and 1% on month to £212,372 according to Sequence in their National Housing Market Index April 2014.

Sales transactions rocketed by 32% on month and 24% annually whilst sellers showed signs of confidence with instructions up 36% on month and 10% annually.

In London average house prices rose sharply by close to a quarter (24%) annually and 2% on the month to £457,872. Sales transactions across the Capital rose by 34% on month and 24% annually.

Mortgage applications rose by 5% from last month, with first time buyer mortgage applications increasing by 7% since February.

David Plumtree, Chief Executive at Sequence, owners of 300 branches, including Barnard Marcus, William H Brown and Fox & Sons, comments:

“As we enter spring the UK property market is hotting up, with double figure annual growth across every indicator. Prices remain strong on month, rising 1%, and 11% higher annually. The rate of growth has been tempered by a number of new properties coming onto the market, up 36% on month, satisfying some of the pent up demand. However, demand for property continues to outpace new instructions and this imbalance will underpin price rises going forward.

“In London the situation is even more acute with buyer registrations rising by 33% on month and 38% annually. The number of new instructions coming onto the market has risen by 32% on month, but only by 16% annually and it is this shortage which has caused dramatic price rises of 24% annually. The number of property transactions across the Capital has also risen sharply, up 34% on month and 24% annually, highlighting that buyers are willing and able to pay these rising prices.

”Mortgage applications have risen by 5% on the month, with first-time-buyer applications up by 7%. While the introduction of the Mortgage Market Review recommendations might slow the market marginally, it is unlikely that this will impact liquidity long term.”

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Source: Property Talk Live