The latest data and analysis from estate agent, haart, has revealed that during February, house prices across England and Wales rose by 0.4% on the month and fell by 2% on the year. The average house price now sits at £228,395.
According to the report, new buyer demand for homes rose by 20% on the month and by 14% annually. The number of properties coming onto the market has risen by 15.3% on the month, however is down by 3% on the year. This month there are 15 buyers chasing every property in England and Wales.
The company says that the market became less efficient last month, as the number of transactions decreased while the number of viewings increased, meaning that buyers are choosing to look at more properties before they buy.
The average purchase price for first-time buyers has fallen by 4% on the month and by 0.7% on the year. This comes as the number of first-time buyers entering the market has risen by 15.8% and by 20.3% on the year. The average property price in London has fallen by 0.1% on the month. However it is up by 2.5% on the year.