Property prices across the country remain buoyant – up 1% on last month and 8% annually to £175,728. In London, new instructions are up 8% on the month (19% annually) whereas, new buyer registrations are down 14% on the month.
There are 11 new buyers for every new property in the capital, a drop from 14 last month - and London prices are flat on the month, but up 21% annually.
The report shows mortgage applications have bounced back following MMR, rising 13% on the month.
David Plumtree, Chief Executive at Sequence, 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.”