Demand is high for houses outside London, a new report shows.
Figures from mortgage consultants Sequence show that excluding London, buyer registrations across the UK are outpacing supply – up 21 per cent annually in June, while new property instructions were up by just 2 per cent.
However it’s a different story in the capital, where new instructions were up 8 per cent for June (19 per cent annually), whereas new buyer registrations were down 14 per cent for the month.
June saw 11 new buyers for every new property in London, a drop from 14 in May.
The report also shows that property prices across the country remain buoyant – up 1 per cent from May to June and 8 per cent annually to £175,728.
London house prices stayed flat on the month, but were up 21 per cent annually to £457,833.
Sequence chief executive David Plumtree says it’s still a seller’s market in most of the country, with more than six buyers for every property coming onto the market – a two-year high for June.
However a slight cooling in demand in London has led to some price adjustment, as vendors are becoming more flexible on pricing, Plumtree says.
“There is still a great deal of activity in the market, with the number of viewings and offers up annually by 7 per cent and 17 per cent respectively.
“This activity is translating into sales, which are also up 10 per cent 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.”
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