Cookies on the this website
We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website. However, if you would like to, you can change your cookie settings at any time.
Continue

New to PropertyWire?

Welcome, and thank you for visiting our website.

PropertyWire is the leading publication for property investors and industry professionals interested in the world of international property investment.

Our aim is to give you intelligent commentary and analysis on the world of retail and commercial real estate.
If you've enjoyed what you've read so far why not sign up for our FREE property alert and online magazine PropertyWire Confidential.

Every week the PropertyWire team sends out a hard-hitting newsletter packed with news and analysis of the top stories plus the best investment opportunities on the market. We always look at the bigger picture like the Euro Crisis, and explain how this will affect YOUR investments.


Ask me later
No thanks

Wed
Sep 03rd
Lost Password? Register
Home arrow News arrow Europe arrow Around 12 buyers for every property in London, according to estate agents

Around 12 buyers for every property in London, according to estate agents

Friday, 18 October 2013
Image There are almost 12 buyers for every new property put on the market in London with buyer registrations up by 50% annually, according to data from leading estate agents.

At the same time new instructions in the city have fallen by 1% on month, rising just 17% annually, less than a third of the rate of demand, says the latest report from Sequence, owners of 300 branches, including Barnard Marcus, William H Brown and Fox & Sons.

The pattern is repeated elsewhere in the country, albeit on a smaller scale. UK buyer registrations have increased by 4% on month and 24% annually UK property instructions have fallen by 2% on month, growing just 4% annually, some six times slower than annual buyer registrations. This amounts to six buyers per property.

The report also says that UK prices are flat month on month but have increased 7% annually to an average of £204,340. London prices have fallen 2% month on month but are up 6% annually to an average of £390,355.

The research also shows that first time buyers are back, with applications up 46% annually and 4% month on month.
‘We have been deluged by new buyer activity in the last month proving that the aspiration for home ownership across the UK, and in London in particular, is very much alive and growing. As a result there are almost 12 buyers for every property in London and six buyers for every property across the UK,’ said David Plumtree, chief executive at Sequence.

‘This growing competition for property is now impacting on house prices, which have grown by an average of 7% annually in the UK and 6% in London. Demand is set to escalate yet further following the government’s fast tracked introduction of Help to Buy to the pre-owned market, so competition for property is only going to increase, fanning the flames for frustrated buyers,’ he explained.

‘However, second and third steppers across the country should now be encouraged to put their property on the market, incentivised by rising prices, a ready pool of buyers and now also the chance to access a 95% mortgage themselves. This will increase the supply of property in the short term and create a more balanced market across the UK,’ he added.


BOOKMARK THIS PAGE (What is this?)     Digg!Reddit!Del.icio.us!Google!Live!Facebook!StumbleUpon!Newsvine!Furl!Yahoo!

 
More Recent News
Earlier News
To see all the latest news articles in our monthly online magazine, Property Wire Confidential, sign up free here



Europe: Top Headline

Help to Buy working well, says UK ChancellorHelp to Buy working well, says UK ChancellorIn the first 16 months of the UK governments flagship Help to Buy equity loan and mortgage guarantee schemes some 48,000 properties were bought with the majority going to first time buyers.



West Tower

West Tower

Car park

West Tower

home rental guide

Limousin Guide

Barratt Homes

Limousin Guide

West Tower

Search for Properties:

Feature story

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Company news

Estate and lettings agents UK advert campaign launched

The National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents (ARLA) have launched a new regional TV campaign to raise awareness among consumers of the importance of using an NAEA or ARLA licensed agent.

Finance Update

Barclays trims mortgage rates to attract more first time buyers

Barclays has launched new and reduced mortgage rates which it says will support first time buyers and those customers with a smaller deposit.

Features

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Newsletter

Subscribe to our weekly newsletter and stay updated on the property market trends.
Subscribe now >>

Subscribe to our Europe property and real estate news feed (RSS)