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Eager buyers snap up homes

Eager buyers snap up homes

Category: Mortgages

Updated: 01/07/2013
First Published: 01/07/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

New figures have shown demand and interest from prospective house buyers remains strong.

The latest Hometrack National Housing Survey showed the average home remaining on the market for 8.4 weeks compared with 8.8 weeks in May 2013.

Properties in London stay on the market for an average of 4.1 weeks, representing the lowest level since September 2007. Homes in the Midlands and the North take slightly longer to sell at an average of 10 weeks.

House prices remained stable during last month, with over 94% of asking prices being accepted, up from 93.9% in May this year, suggesting conditions in the housing market are beginning to improve.

Richard Donnell, director of research at Hometrack, said: "The upward momentum seen in house prices has been driven by a widening gap between supply and demand. This gap stabilised in June with slower growth in both new supply and demand compared to previous months.

"A seasonal slowdown in demand is to be expected as we approach the summer months.
Despite this, an on-going shortage of housing for sale remains a key feature of the market and an important driver of price increases."

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