House prices look set to enjoy their traditional spring bounce as buyers return to the market, research showed today.
There was a 12 per cent jump in the number of people looking to buy a home in February, which was matched by an 11 per cent rise in new instructions.
The increase meant there are currently around seven potential buyers chasing every available property.
House prices across Britain were 9 per cent higher year-on-year, standing at an average of £210,955.
There was a 12 per cent jump in the number of people looking to buy a home in February, which was matched by an 11 per cent rise in new instructions.
The increase meant there are currently around seven potential buyers chasing every available property.
House prices across Britain were 9 per cent higher year-on-year, standing at an average of £210,955.
The recovery in market activity was
most pronounced in London, where new buyer numbers soared by 17 per cent
compared with January, while instructions were up 16 per cent.
House prices in the capital were 2 per cent lower in February than they had been in January, although they were up 5 per cent year-on-year at an average of £435,110.
The slowdown in growth is likely to encourage both buyers and sellers to come to the market, as vendors look to cash in on recent price gains, while buyers will be buoyed by the return to more sustainable growth.
Transactions across the whole of Britain remained subdued, dropping by 11 per cent year-on-year, while they were 6 per cent lower than in January.
But low interest rates and improving levels of stock are expected to lead to more homes changing hands in the months ahead.London bucked the trend with sales levels soaring by 11 per cent month-on-month.
Mortgage demand is also bouncing back, with an 11 per cent jump in applications during the month, including a 12 per cent rise in first-time buyer numbers.
House prices in the capital were 2 per cent lower in February than they had been in January, although they were up 5 per cent year-on-year at an average of £435,110.
The slowdown in growth is likely to encourage both buyers and sellers to come to the market, as vendors look to cash in on recent price gains, while buyers will be buoyed by the return to more sustainable growth.
Transactions across the whole of Britain remained subdued, dropping by 11 per cent year-on-year, while they were 6 per cent lower than in January.
But low interest rates and improving levels of stock are expected to lead to more homes changing hands in the months ahead.London bucked the trend with sales levels soaring by 11 per cent month-on-month.
Mortgage demand is also bouncing back, with an 11 per cent jump in applications during the month, including a 12 per cent rise in first-time buyer numbers.
Today’s research comes after the Royal Institution of Chartered Surveyors said a shortage of homes on the market had reignited price growth.
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