The number of transactions on the London real estate market has increased 1.5 times

The number of transactions in the residential real estate market in London has reached 56% increase this year, and the real estate market of UK, this figure increased to 32 %. In November 2013 sales in London grew by 2% in comparison with October, and in the United Kingdom this figure was 1%.

Average real estate prices in the UK increased by 9% over last year, reaching the average value of houses £209443. The price of a typical property in London rose by 15% year on year, reaching prices of £425486 for model property.

The real estate market in the UK has entered a period of fierce competition, with almost seven new buyers are registering for every new property that is a record demand over the past three years. Continues to increase the demand for mortgage lending. The number of new mortgage applications increased by 40% for the year by about 3% every month. And the number of applications from people for the first time buying a house in the UK increased by 49% over the last year.

Today the real estate market in the UK shows no signs of slowing down or decline in demand. But this is obvious, because as Christmas approaches the activity in the market always increases.

The main reason of growth of prices for residential property in the UK is the imbalance of supply and demand. Against the backdrop of sharply increased demand, the market supply is extremely limited. For example, in London there is now from 14 to 18 potential buyers for each new property.

Meanwhile, the balance of supply and demand shows signs of improvement this month. On the market a lot of reasonable proposals that are accepted by buyers. A number of offer increased by 24% per year, and the number of applications increased by 36% for the year. Now, the overall balance of supply and demand on the real estate market in the UK is 1.8 for every item sold.

According to the London real estate market the picture is somewhat different and the overall balance of supply and demand is 2.7 for each transaction.

® Alice Morgan. 18.12.2013 g.