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Average house prices in the UK fell 1.1% in September but are still up 6.9% on an annual basis, according to the latest index figures to be published. During the month average house price stabilised at £203,135, but in London property prices fell 3.3% but are still up 19.8% year in year taking the average price in the capital to £507,967. The National Housing Market Monitor report from haart estate agents says that the market remains strong with almost 10 buyers chasing each new property instruction across the UK, up from eight two years ago. In London there are 16 potential buyers chasing each property instruction. The difference between the London market and the UK as a whole is also marked with it comes to new properties being put up for sale. They have increased annually across the UK by 2.8% but in London by 23.1%. The report from the independent agent which has a network of 200 branches across the country, also shows that the average property price for first time buyers has reached two year high at £160,218, up 4.1% on a monthly basis and 8.2% annually. ‘Although our data shows a small slowdown in house price growth on a monthly basis, this must be taken in the wider market context. Good mortgage deals are still very much on the table and interest rates aren’t going up for the foreseeable future,’ said Paul Smith, chief executive officer of haart. ‘We have 10 buyers chasing every new property instruction UK wide so sellers shouldn’t be concerned. They should be reassured that the UK property market is still performing well,’ he added. New properties for sale across the UK in September increased 2.8% annually but fell on the month. This is the fourth consecutive month in which property supply has increased on an annual basis. In contrast the number of new buyers is down 6.6% annually, again the fourth consecutive month in which the level of demand has fallen on an annual basis. Similar to new buyer registrations, the number of first time buyer registrations decreased 6.4% annually and 2.8% on the month. However first time buyers now make up a higher percentage of all mortgages written, 44.7% in September 2014, up from 41.1% last year. The average mortgage achieved by first time buyers is also up and now stands at £125,668, an increase of 11.1% annually and 3.9% on the month. Continue reading →

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