House sales rocketed 32% in March when compared with February – and 24% annually.
Sequence also reported this morning that sellers are showing more confidence, with 36% more instructions in March than February, an annual rise of 10%.
According to Sequence, part of the Connells group, UK house prices in March went up 11% compared with the same month last year, to stand at £212,372.
In London, it puts average house prices at £457,872.
However, David Plumtree, Sequence’s chief executive, said that despite the number of new properties coming on to the market, demand continues to outpace supply.
He said: “This imbalance will underpin price rises going forward.
“In London the situation is even more acute with buyer registrations rising by 33% on the month and 38% annually.
“The number of new instructions coming on to the market has risen by 32% on the month, but only by 16% annually, and it is this shortage which has caused dramatic price rises of 24% annually.
“The number of property transactions across the capital has also risen sharply, up 34% on the month and 24% annually, highlighting that buyers are willing and able to pay these rising prices.”
He said he thought it likely that tomorrow’s implementation of new mortgage rules under MMR will “slow the market marginally”.
Comments (2)
36% more instructions in March than February, an annual rise of 10%.
Hardly 'rocketing' though, in terms of actual numbers. 😉
Jeez – you're a piece of work to say the least.
SALES, the article says, are up 24% annually.
That's what it's all about, Mr RR. SALES. Also known in the trade as "property transactions" (clue is in the headline…).
In YOUR language – those things you don't like, because they wee on your puny little firework.
MORE properties selling this year – on top of MORE properties selling LAST YEAR. Don't you just hate that? Makes your blood positively boil, dunnit?
We Estate Agents must be doing SOMETHING right, after all…