" Buyer appetite has leaped a significant 22% on the year, whilst at the same time the number of new properties coming onto the market increased by just 6.5%."
Total buyer registrations increased by 22.1% on the year, but number of available properties increased by just 6.5% over the same period.
Demand has been helped by a surge in the number of first-time buyers registering with branches, with figures up 16.8% on the month and 24% on the year.
The average purchase price for first-time buyers has fallen by 1.9% on the month and coinciding with this, the average amount paid of a deposit has fallen by 6.5%.
Paul Smith, CEO of Haart, commented: “Homeowners are continuing to reap rewards from high buyer demand and a spring homes shortage. Buyer appetite has leaped a significant 22% on the year, whilst at the same time the number of new properties coming onto the market increased by just 6.5%. It’s therefore no surprise that prices have risen by a huge £6,898 on the year across England and Wales. Those considering putting their home up for sale should do so now before the gap between stock and demand begins to narrow.
“We are also continuing to experience a much more motivated and mobile cohort of first-time buyers, who are continuing to take advantage of the Stamp Duty exemption – keen to finally escape the rental trap, or to get out from under Mum and Dad's roof. Four months down the line we are still experiencing a 17% increase in numbers entering the market on the month. All the more reason to get your starter home on the market.
“More promising still, we also saw a 22% increase of landlords registering to buy across England and Wales, and 18% in London. Despite a barrage of restrictions and additional costs as a result of government policy, many are recognising the value that can still be found in buy-to-let property, especially in comparison to the overvalued and faltering stock market. Although conditions are much tougher, demand from tenants is growing and if you are willing to look slightly further afield there are still yields of around 7% to be gained.”
