London sees 12 buyers for every property
London has seen a 50% annual increase in the number of buyer registrations leaving almost 12 buyers for every new instruction.
According to Sequences National Housing Index an imbalance of supply and demand continues to play a big part in the capital.
New instructions rose just 17% annually — at less than a third of the rate of demand.Average London prices rose 6% annually.
David Plumtree, Chief Executive at Sequence, said: “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.
“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.“