UK summer property market in figuresSeptember 24, 2015
UK property figures released for June, July and August show an active market as house prices rise, lending increases and demand stays strong.
- August house prices increase by 9% year-on-year (Halifax)
- Average UK property price in August (when bought with a mortgage) was £264,250 (My Home Move)
- Mortgage lending increases 9.3% year-on-year (e.surv)
- Average LTV increased by 1% year-on-year (My Home Move)
- One in 20 UK properties bought with a gifted deposit (My Home Move)
- 8 buyers are chasing every house on the market (National Association of Estate Agents)
- 25% of conveyancers have seen an increase in gazumping (My Home Move)
- Property transaction activity increased by 7% year-on-year (HMLR/My Home Move)
Commenting on these figures, Doug Crawford, CEO of My Home Move, said, “Activity in the housing market over the summer months has remained strong. Demand for property is still high with August house prices having increased by 9% year-on-year, and a property now costs an average of £264,000 if purchased with a mortgage. This is all great news for sellers but for those needing to get onto, or move up the property ladder, it’s a difficult time. On the one hand lending is beginning to ease but on the other, many people still need to seek financial support from friends and family in order to secure a deposit.
“As always the summer has been a busy time for conveyancers, and as the UK’s leading provider of conveyancing services, My Home Move help nearly 13,000 people move home. Scale this up for the country and over 525,000 families bought and sold during this period, an increase of around 7% year-on-year, according to Land Registry figures. The only question that remains however is, can this be sustained as demand continues to outstrip supply?”