The latest data and analysis from haart, the national estate agent has illustrated that pent-up demand possibly fueled by the Brexit waiting game has witnessed buyer registrations grew by 16% on the month.
House prices across England and Wales decreased by 1.7% on the month and by 3.7% on the year. The average house price now sits at £219,975.
Haart added that the market has become less efficient this month, with the number of transactions reducing by 8.1%, whilst the number of viewings has risen by 6%. This shows there is high demand in the market. The average listing price for first-time buyers has fallen by 0.9% on the month and by 1.6% on the year. This comes as the number of first-time buyers registering onto the market has increased by 9% on the month but fallen by 18% on the year.
The average amount of deposit that first-time buyers are paying has reduced by 6.5% on the month and by 12.5% on the year. Clearly, first-time buyers are capitalizing on low prices and are putting down larger deposits than needed to own more of their own homes.
The average property price in London has reduced by 1.1% on the month and by 5.4% on the year. The number of new buyers entering the market has grown by 21.1% on the month, and by 15.9% on the year. The number of new instructions has increases by 0.3% on the month but fallen by 8.1% on the year. Sale transactions fallen by 0.6% on the month but recorded an annual rise of 4.8%.
The number of tenants entering the market across England and Wales has grown by 8.4% on the month and by 36.5% on the year. The average rent is up 1.2% on the month but has fallen by 4.6% on the year. The average rent now sits at £1,297 pcm across England and Wales. Tenant demand in London has risen by 9.5% on the month, and by 52.3% on the year. London rents have fallen by 0.2% on the month, but have risen by 3.5% on the year. The average rent now sits at £1,920 pcm.