News is coming through from all quarters now that the “stamp duty holiday” incentive is being absorbed by investors, creating unprecedented demand for London property.
– Average asking prices rise by 2.4% in July compared with March this year.
– Buyer enquiries up 75% during July.
“Unheard of activity”
Rightmove analyst Mark Shipside: “The busy until interrupted Spring market has now picked up where it left off and has been accelerated ………”
Latest figures show that the typical UK property price in June was 2.5% higher than June in the previous year.
Guy Gittins, the Managing Director of Chestertons told the Guardian newspaper that the Halifax data is a “clear sign that the housing market is recovering more quickly than anticipated”.
Their data indicates that the average asking prices for property for the first week in June were 6% higher than they were in June 2019. Demand being 54% higher than it was in March.
Zoopla sales have risen 137% since the property market re-opened at the start of June.
Sales agreed in June were up 79 percent compared to the same month in 2019.
In London they have had an increase of 100% in buyer registrations compared to the same time last year.
UK mortgage approvals beat expectations. Approved mortgages rose by 40,000 in June.
As July numbers start coming through over the next ten days or so, these will show that both the rise in demand and sales agreed in London are rising dramatically.
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