House sales in North of England up 9%

• Sales transactions across the north of the country have risen by an average of 9% per month since January. This seasonal growth is much higher than last year, up 10% annually since April 2012. In Leeds transactions increased 25% annually in April, more than double the national average.
• New selling instructions are also up an average of 9% per month since the start of the year, as seller confidence grows again up from last year.
• New buyer registrations in northern England saw encouraging growth at the start of the year, increasing by 10% per month on average since January.
• Property prices across the north remain flat monthly, in line with national prices, but down 3% annually. Lincoln’sproperty prices have bucked the regional and national trend increasing by 9% annually.
• Market activity is buoyant, with the number of offers increasing by 5% annually. York has seen an impressive 35% annual increase in the number of offers made in April.
• Mortgage applications across the UK soar by 28% annually evidencing the effect of the Funding for Lending Scheme.

Jo Whincup, Area Director at William H Brown, part of the Sequence Group which includes Jones & Chapman and Shipways, comments:

“Activity across the north of the country is buoyant, with transactions increasing 10% annually in April, but the number of new buyers coming into the market is subdued, with no annual growth, -4% monthly in recent months. This contrasts strongly with the national picture, up 6% annually. As such, prices remain static and below their peak of July last year (£133,014), creating a buyers’ market for those looking to capitalise on competitive mortgage rates and a greater number of properties on the market.

“National transactions are significantly higher than last year as the number of mortgage applications has shot up by almost a quarter. This suggests that buyer confidence across the UK property market is growing, with national buyer registrations and instructions increasing by a monthly average of 11% and 10% respectively since January.”