The UK’s average house price has risen by 6% annually and 0.3% on month to a new high of £200,080 – the first time it has broken £200,000 since before January 2010.
Property sales transactions across the UK have decreased by 1% on month but are still up 20% annually demonstrating the strength of the property market. Undeterred by the rising prices buyers are continuing to enter the market in force. Sales transactions in London have slowed on month by 6%, however, when compared to levels last year, the number of sales transactions are still up by 17%.
These high levels of transactions and increasing property prices are attributed to growth in the overall UK economy and improving access to mortgage finance.
The demand for property has also increased, with the number of buyers registering across the UK increasing up by 16% annually as new buyers continue to enter the market.
The ratio of offers to sales has remained relatively stable in both the UK and London, which demonstrates that buyers are making offers which reflect the market value of the property. In the UK the ratio dipped slightly at 1.8 offers to every sale, from 1.9, this was due to an increase in the number of sales transactions increasing by 20% annually. In London the picture is much the same with the ratio remaining at 2.7 offers to every sale.
The UK ratio of viewings to offers has remained stable at 8.4 viewings to every offer in July. As with the previous month, this is the lowest level it has been since December in two years which highlights the confidence buyers have in making a swift offer on a property.