Response to HMRC's property transaction figures
Fri 21 Feb 2014
Peter Rollings, CEO at Marsh & Parsons, comments: "The property market is bouncing into 2014, with sales volumes jumping a third higher in January than the same time last year. Fuelled by Government initiatives, mortgages are readily available and lenders are increasingly willing to extend a helping hand to those looking to buy. The brightening economic mood is also spurring demand for property at all levels.
"In London, the property market is thriving. Competition is warming up fast across the capital, with intense demand outstripping limited supply. Compared to last year, in January we recorded 19% more buyers entering the market in competition for 28% fewer properties. Such conditions are creating a strong sellers market with property being snapped up in record time and for closer to the asking price than ever before. If supply continues to lag behind demand, theres every indication of a further acceleration in the next few months as we head into the busy Spring market."