haart Estate Agents Note Sudden Rise In House Sales

haart estate agency is urging people in the capital to put their properties on the market as recent figures show a sudden rise in the number of properties sold.

Statistics from haart’s London Property Index for June show a rise of 10.3% in sales compared with the previous month, fuelled by an increase in the number of first-time buyers. However, as confidence returns to the market and the number of buyers significantly increases, properties are in demand and there is insufficient stock.

In addition, prices are stabilising, with the latest figures showing an increase in the average sold price of 0.37%.

Russell Jervis, haart Managing Director, said: "The haart London index, which uses real-time information, is a true reflection of what is happening in the market at the moment.

“Many London properties are now seeing a stabilising of price, with increases in certain postcodes. Demand is high and as buyers return to the market, we are beginning to see a property drought.

“In particularly, we have seen a significant increase in the number of first time buyers taking advantage of low property prices and relatively low mortgage rates – making it cheaper to buy than rent in many areas.

“However, there are still many first-time buyers faced with severe borrowing constraints and we would urge mortgage lenders to increase their lending to allow more young people to get a foot on the ladder.”

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