23 Jun

Property buyer applications 'on the up'

Property buyer applications 'on the up'

There were 40 per cent more new applicants to buy property in May compared to the corresponding month in 2008, according to Hamptons International.

Research from the estate agency indicated that there are 9.4 registered buyers for every seller in the UK.

When focusing solely on London, where property is always in demand, this figure rose above ten.

Overall, this study suggests that the market is shifting to favour those who are selling homes, reports the Sunday Times.

Last week, a survey published by Sainsbury's Finance stated that the average amount of money UK consumers spend on repaying mortgages each year is £6,682 - a sum that is 1.53 per cent down on the level recorded two years ago.

Indeed, president of the National Association of Estate Agents Gary Smith recently claimed that low mortgage costs and increasing levels of confidence in the property market may contribute to the housing sector leading the UK out of recession.

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