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Average house prices hit record high


The average property price in the UK has hit £212,494, which is a 5.6% increase on last year and a 1.4% increase on last month, according to the latest Housing Market Monitor from estate agent Haart.

The average amount a first time buyer will have to spend on a home has also risen 4.3% annually and 1.7% on the month. The average loan advance to a first time buyer has increased to just under £130,000.

The increase in prices had led to a decrease in new buyer registrations, which are down 12.7% from this time last year. First time buyer registrations have also fallen annually.

The volume of new properties coming on the market has risen by 2.6%, showing that sellers are feeling confident when putting their homes on the market thanks to the shortage of available housing. There are now 11 buyers chasing each property for sale across the UK, which is a slight fall in activity levels on an annual and monthly basis but still shows that the market is busy, with consumer confidence high.

Paul Smith, CEO of haart, said:
“With reports of consumer confidence on the rise, spending on the up and zero inflation, it’s full-steam ahead this spring for the UK’s, and the Capital’s, property market – which are benefiting from the positive glow of the general economic recovery. Eleven prospective buyers are chasing each new property instruction across the UK which has caused a near 6% annual increase in property prices – with 20 buyers chasing each property in London the annual price increase is closer to 17%.”

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