Property transactions in London are up 56 per cent annually, showing no seasonal lull, and increased 2 per cent in November from the previous month.
The National and London Sales Index found that in the UK as a whole, average sales transaction levels rose 32 per cent and were up 1 per cent month on month.
National house prices rose annually by 9 per cent in November to £209,923, while in London they rose 15 per cent compared to last year, now at £425,486.
Competition for property remained fierce with close to seven new potential buyers for every new residence for sale.
Mortgage applications also rose, up 40 per cent annually and 3 per cent month on month with first-time buyer applications up 49 per cent since last year.
David Plumtree, chief executive at Sequence, owners of 300 branches, including Barnard Marcus, William H Brown and Fox & Sons, comments: “The current property market appears to show no signs of slowing as we approach Christmas, with activity levels and house prices remaining buoyant. Looking at the annual rate of change it becomes clear that 2013 is a very different market to that of last year, with sales transactions levels across the UK up 32 per cent and house prices up 9 per cent.
“Yet again London is leading the way, with prices up 5 per cent on month and 15 per cent annually. These price rises are not deterring buyers, as sales transactions continue to rise at a fast pace, up 56 per cent annually and 2 per cent on month.
“The primary reason for the heightened activity levels is an increasing demand for home ownership across the demographic spectrum. There has been a constant flow of new buyers for the last four months, increasing 1 per cent in November and up 36 per cent annually. This, combined with a slowdown in the supply of property coming onto the market, (-14 per cent on month) has resulted in almost seven (6.9) buyers registering to buy every new instruction. In London this is even more acute, with 14 buyers chasing every new instruction.”
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