Buyers continue to pile into the property market

Buyers are piling into the property market at an unprecedented level according to sequence. This is having a direct effect on property prices as buyers scramble to buy whatever they can get their hands on. Lending statistics have increased dramatically as buyers look to borrow more money to keep up with house price increases.

Figures released by the Banking Association show that the level of mortgages increased from £151,700 in September to a high of £156,400 in October. The number of mortgages approved fell slightly in September but was still 33% up on 12 months ago.

The market is certainly powering ahead in all parts of Britain as buyers look to take advantage of the cheap money being thrown at them. Figure released by sequence show that there has been a 17% increase in the number of instructions that have come onto the market but this compares to a 63% increase in the number of applicants that have registered.

The number of properties that the group has sold has increased by 33% annually to a three year high. House sales in London have also increased by 57% pushing house prices up to an average price of a home break through the £400,000 mark.