As per usual, London's transactions exceed the rest of the country with a 15% year-on-year rise and a 5% rise on March. Prices in the capital have now risen by 2% since March to £362,934, leading many to fear another housing bubble.
In addition, a staggering 28% annual rise in mortgage applications has been reported, with many attributing this to the effects of the Funding for Lending scheme. However, UK exchange prices remain flat at £186,378, still markedly lower than last year's August peak of £194,274.
However, the overall message is one of optimism as the number of new instructions across the country are up 6% since last year and 21% in London as seller confidence continues to grow.
David Plumtree, Chief Executive at Sequence, comments:
"Transactions are significantly higher than last year as the number of mortgage applications has shot up by almost a quarter and prices are holding firm. This suggests that buyer confidence across the UK property market is rising with buyer registrations and instructions increasing by a monthly average of 11% and 10% respectively since January.
"There is a real feeling of having turned a corner in the market in the first quarter of 2013 with a momentum not seen for years. We are predicting a positive year for home owners and buyers alike.
"London continues to lead the way with the number of sales 15% higher than the same period last year and prices 4% higher. Desire to live in London and limited supply is keeping these prices buoyant, with an average of nearly 12 new buyers to every new instruction."
