According to the group, there are now 50 per cent more buyer registrations than there were a year ago, and 12 buyers for every house going on the market in the capital. In comparison, the number of houses coming onto the market rose at only a third of the pace, up by only 17 per cent.
Between August and September, Barnard Marcus says that the number of instructions to sell residential properties in London actually fell by one per cent, placing further stress on the city’s limited housing supply
David Plumtree, Barnard Marcus’ chief executive, commented: “Demand is set to escalate yet further following the government’s fast-tracked introduction of Help to Buy to the pre-owned market, so competition for property is only going to increase, fanning the flames for frustrated buyers.”
First time buyers are also entering the market in force across the country: over the past year, the number applying for mortgages has risen by 43 per cent, according to today’s research.