At the same time the property market is described as buoyant with prices up 1% on last month and 8% annually to £175,728, says the report from Sequence which owns over 300 estate agent branches.
But the London market is slowing. In London new instructions are up 8% on the month and 19% annually but 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. The data also shows that London house prices are flat on the month, but up 21% annually to £457,833.
Overall mortgage applications seem to have bounced back following the new MMR regulations which were introduced in April and have increased by 13% on the month.
‘Demand for properties across the UK remains robust with new buyer registrations up over 10 times the rate of new instructions which are up 2%,’ said David Plumtree, chief executive officer of Sequence.
He pointed out that there are now over six buyers for every property coming onto the market, a two year high for June but in London there has been a slight cooling in demand. ‘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,’ he explained.
‘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,’ he added.
He also pointed out that despite mortgage applications weathering the MMR regulations figures are still 5% below last year, although the appetite to buy across the UK remains very strong.
He pointed out that there are now over six buyers for every property coming onto the market, a two year high for June but in London there has been a slight cooling in demand. ‘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,’ he explained.
‘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,’ he added.
He also pointed out that despite mortgage applications weathering the MMR regulations figures are still 5% below last year, although the appetite to buy across the UK remains very strong.
Source: www.propertywire.com
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