This number rises in London, with over 13 new buyers (13.5) continuing to compete for every new instruction and the number of new buyers registering increasing by a quarter, annually. The number of new instructions is rising by just 13% as prices continue to grow, up 22% annually.
David Plumtree, Chief Executive at Sequence, comments:
“Activity in the market and competition for property across the country is heating up as we edge closer to spring. Fuelled by attractive mortgage products, the number of new buyers registering has risen by over a quarter annually (26%) and there are now eight buyers (7.7) chasing every new instruction. The shortage of available property is resulting in rapid price growth, with the average UK house price now 12% higher than this time last year and showing no signs of slowing down unless the supply/demand imbalance is rectified.
“With the Government’s redirection of finance from the Funding for Lending Scheme and interest rates expected to rise sooner rather than later, homeowners considering selling should seize the window of opportunity now.”
