"Buyer registrations rose by 20% on the month and are up 14% on the year, taking the demand to move home up to a level not seen since the month after the UK voted to leave the EU."
Its data shows that the number of properties coming onto the market has risen by 15.3% on the month and there are now 15 buyers chasing every property across England and Wales.
However as the number of viewings increased, the number of transactions decreased, meaning buyers are choosing to look at more properties before they buy.
House prices across England and Wales in February rose by 0.4% on the month but remain 2% down on the year.
The average purchase price for first-time buyers has fallen by 4% on the month, and by 0.7% on the year. This comes as the number of first-time buyers entering the market has risen by 15.8%, and by 20.3% on the year.
Despite the average purchase price falling, the average amount paid of a deposit has rose by 10.2% on the month, and is up by 10.6% on the year.
Paul Smith, CEO of haart, commented: “The UK property market surged in February. New buyer registrations rose by 20% on the month and are up 14% on the year, taking the demand to move home up to a level not seen since the month after the UK voted to leave the EU. Viewings rose across the country, transactions increased in London by 15%, the number of homes being put on the market began to improve. It certainly feels as if the market is returning to its traditional pre-Brexit cycle.
“The important thing now is to get on with the business of building homes. Housebuilding is still not at the level needed to rectify the UK’s housing shortage. The Government’s latest reforms to the planning system could go some way to rectify this, but the Green Belt remains off limits for large scale development of family homes. While supply remains low, I urge those thinking about putting their house on the market to act now whilst demand continues to rise rapidly, to snap up a premium on their property."
