Property sales throughout the UK surged by 32% during March and additionally vendors are likewise positive with instructions rising by 36%, a new study reveals.
In general prices increased by 1% last month making the UK average £212,372, as reported by the most recent index via Sequence, with 300 estate agent branches across the country. This means a price rise of 11% annually.
Within London improvement is still more robust with prices rising 2% month on month up to £457,872 and moving upward 24% on a yearly basis, the results indicate. House sales within the capital accelerated with 34% month on month.
The index document in addition demonstrates home loan applications increased by 5% from March, with first time buyer home loan applications rising by 7% from February.
David Plumtree of sequence said that as we enter spring the UK property market is hotting up, with double figure annual growth across every indicator,however, he pointed out that 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.But 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 as 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,’ he explained.The number of property transactions across the capital city has also risen sharply, highlighting that buyers are willing and able to pay these rising prices,’ he added.
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