Property market is HOT! Thanks to sizzling UK summer.
The Express - Sarah O'Grady 2nd Sept 2013
The sunshine tempted buyers and sellers to venture into the market, creating an unseasonal increase in demand that helped to shrug off the traditional August downturn.
The latest figures from Hometrack showed growing confidence, with values rising at an annual pace of 1.8 per cent – the biggest leap since 2010.
Buyers snapping up their dream homes mean properties are selling much faster. The average property is now on the market for 8.1 weeks – a period not seen since the end of 2007.In contrast, far fewer sellers are taking a discount on their sale price, and the average discount to asking prices is now the lowest since September the same year.Hometrack’s data showed a shortfall in supply versus demand. London and the South-east have witnessed the strongest market conditions, with prices up 0.9 and 0.5 per cent respectively.
Overall, prices grew across a third of the country in August in the greatest set of price increases since May 2007.Improving market conditions saw prices rise 0.1 per cent in the North-west, Wales and West Midlands and 0.2 per cent in East Anglia and the South-west.
While demand rose by 1.1 per cent in August across Britain, supply grew by just 0.8 per cent, pointing to further property price hikes to come.
Sophie Hall, of broker Avelo, said:
The mortgage market is flying and normally turbulent summer months are passing by.