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UK sees buyer registrations soar 21% annually

From Property Talk Live on July 28, 2014

The UK, excluding London, saw buyer registrations rise 21% annually, while new property instructions are up by just 2% according to a new report from Sequence.

Property prices across the country remained buoyant – up 1% on last month and 8% annually to £175,728.

In London, new instructions were up 8% on the month (19% annually) whereas, new buyer registrations fell 14% on the month.

There were 11 new buyers for every new property in the Capital, a drop from 14 last month whilst London house prices fell flat on the month, but are up 21% annually to £457,833.

Mortgage applications bounced back following MMR, rising 13% on the month.

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

“Demand for properties across the UK remains robust with new buyer registrations up 21% annually – over ten times the rate of new instructions (+2%). There are now over six buyers for every property coming onto the market, a two year high for June. It is still a seller’s market across the UK, with house prices rising on the month and up 8% annually.

“In London, there has been a slight cooling in demand, with registrations dipping 14% on the month but up 13% annually. This has led to an adjustment in pricing, with prices remaining flat on the month as vendors look to be more flexible in their views on sale price. There is still a great deal of activity in the market, with the number of viewings and offers up annually by 7% and 17% respectively. This activity is translating into sales, which are also up 10% annually, so while there is a slight shift in the balance of supply and demand, the number of new properties on the market remains low and we still have close to 11 new buyers competing for every new instruction.

“The UK’s mortgage market has recovered from the initial dip in applications caused by MMR, with applications up 13% on the month. Though this figure is still 5% below last year, the appetite to buy across the UK remains very strong.”

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Source: Property Talk Live