Estate agent Haart has reported that average UK property price growth remains strong, up 8.9% annually to £206,578.
Unsurprisingly, house price growth in London continues to push ahead, up 23.6% on August 2013 and 2.4% on last month.
Meanwhile, the number of new buyer registrations has decreased 5.5% annually across UK but 9.5 buyers on average chase every property.
The supply of homes in London is increasing 26.6% annually but with 15.7 buyers still registering for every new property for sale.
Paul Smith, CEO of Haart, said: “The property market is currently recalibrating as our data shows, with an easing of demand as new buyer registrations across the UK decrease 5.5% annually, in contrast to the uplift in homeowners looking to sell – up 4.1%.
“Despite this influx of stock the market remains competitive with an average 9.5 buyers registering interest in every new home that comes to market, which is the driver behind property price growth. This gradual return to normality should now dispel fears about property bubbles – which we have always dismissed as hype.
“People now see the reality that interest rates will rise early next year but are keen to take advantage of current market conditions. Our message to people thinking about selling is that autumn is crunch time. Good mortgage deals are still plentiful but won’t last forever.
“Buyers do have increased choice right now but the strong competition that remains in the market will ensure that those selling now have the best chance at the best price.”
