Property demand reaches four year high

Demand for UK property has increased for a second consecutive month in September, reaching levels not seen in over four years.

Demand for property has reached a four year high 

Demand for houses in the UK is at a four year high, as enquiries from house-hunters return to September 2007 levels.

The number of enquiries made last month rose to 308 per average branch according to the National Association of Estate Agents (NAEA), compared to 304 the previous month.

The NAEA housing report revealed that the number of houses available for sale also increased in September to an average of 72 per branch, compared to 65 for the month before.

The percentage of sales to first time home owners increased by two percentage points to 22pc – perhaps as a result of more affordable first time buyer mortgage deals.

Wendy Evans-Scott, President of the NAEA said she was encouraged by the number of enquiries increasing, but warned that sellers should be realistic when pricing their properties to ensure a sale in what she described as still a very "cautious" market.

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Ms Evans-Scott said: "The number of first time buyers on the market has increased slightly over the course of the month, however our agents are reporting widespread regional variation. Lending still remains a real barrier to home ownership for this part of the market."

By The Telegraph