Nationwide report that a 1.2% jump between April and May saw the annual decline reduce from 15% to 11.3%.  This annoucment rose UK house builder stocks higher on Friday.  Taylor Wimpey stocks went from a day low of 30p on friday to todays high of  35.45p after the news was released.  up 7.31% today so far as of 16:25.

Over the weekend the FT report that top london estate agents are seeing the return of Gazumping.  It seems that the amount of cash buyers is the highest the market has ever seen.  A report in the FT says that 45% of sales over £5m in London were cash buyers last month.  This has doubled since levels from 2006 and 2007.  The usual levels are a third compared to last months 45%.

It would look like that alot of the cash buyers are from overseas investors taking advantage of the low sterling rate.  The outlook is still bleak for first time buyers as it is still difficult to get a mortgage as individuals worry about their future employment status.

Some speculate that there is a lack of supply on the market.  But the FT says “stock levels may be falling not because demand is soaking up inventory quickly, but because so few homeowners want to put their property on the market.”