A study has revealed that there are now eight buyers chasing every new instruction on the market.
With attractive mortgage products like buy-to-let now on offer, competition for property across the country is rising, with the number of new buyers up by over a quarter annually, at 26 per cent.
The findings also showed that the average house price is now 12 per cent higher than a year ago, which has been attributed to the shortage of available property versus demand, a trend that is set to continue if the supply and demand ratio does not stabilise.
UK sales transactions were found to have increased by 17 per cent annually and seven per cent on month, while the London market saw the highest increase, with average house prices rising by a staggering 22 per cent annually, with over 13 new buyers competing for new instructions, which have only risen by 13 per cent.
Mortgage applications from first time buyers were found to have gone up by seven per cent a month and 13 per cent annually as new buyers continue to flood the market, pushing up applications for sellers by five per cent on month and 18 per cent year on year.
David Plumtree, Chief Executive at Sequence, which undertook the study, advised: “With the Government’s redirection of finance from the Funding for Lending Scheme and interest rates expected to rise sooner rather than later, homeowners considering selling should seize the window of opportunity now.”
Sequence comprises 300 branches trading under 11 well-known, local names and offers residential sales, mortgage services and has a network of residential letting offices and land and new homes centres It also offers a nationwide asset management service and is the UK’s largest residential property auctioneer.
For more information, visit sequencehome.co.uk