Optimism Still in UK / London Property Market

Many agents are reporting a slowdown in the market but Haart remains relentlessly optimistic in its latest survey, showing house prices up 6.9 per cent over the past year in the UK, and up 19.8 per cent in London
It says the amount paid for a home by the typical first time buyer is now at a two-year high of £160,218. First time buyers now make up a higher percentage of all mortgages written, 44.7 per cent last month compared with 41.1 per cent in September 2013.

The average mortgage achieved by first time buyers is also up and now stands at £125,668 – an increase of 11.1 per cent annually and 3.9 per cent on the month.

However, in contrast the absolute number of new buyers is down 6.6 per cent annually – the fourth consecutive month in which the level of demand has fallen on an annual basis.

“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. We have 10 buyers chasing every new property instruction UK-wide” claims Haart chief executive Paul Smith.