According to recent figures, the number of UK transactions in April rose 12% annually and by 4% since March, reportedly due to increased access to funding for buyers.
As per usual, London’s transactions exceed the rest of the country with a 15% year-on-year rise and a 5% rise on March. Prices in the capital have now risen by 2% since March to £362,934, leading many to fear another housing bubble.
In addition, a staggering 28% annual rise in mortgage applications has been reported, with many attributing this to the effects of the Funding for Lending scheme. However, UK exchange prices remain flat at £186,378, still markedly lower than last year’s August peak of £194,274.
However, the overall message is one of optimism as the number of new instructions across the country are up 6% since last year and 21% in London as seller confidence continues to grow.
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