One in three properties sold for more than the asking price in April as demand soars, new data shows.

The 32% of properties sold for more than the original asking price in April is twice as many properties than in March when 16% of homes sold for over the initial asking price.

This is also the highest figure on record, beating the previous record of 19% in May 2014, according to the latest NAEA Propertymark housing report.

The average number of house hunters registered per estate agent branch stood at 427 in April, which is an increase from 409 in March.

This is also the highest figure for April since 2004 when there were 487 house hunters registered per branch.

The supply of properties last month reached the lowest number recorded since December 2002, while demand continued to rise.

Mark Hayward, chief policy advisor, Propertymark, said: “It is phenomenal to see demand for housing breaking records, as house buyers continue to fuel the post Covid economy. However, the continued imbalance of supply and demand is a concern and has led to a strong sellers’ market with properties being snapped up quickly at high prices.

“We look forward to the much-needed rebalancing of the market, and we hope the Planning Bill outlined in the Queen’s Speech encourages the development of more housing, particularly in more affordable areas, as most of the development taking place is in areas that are unaffordable to first-time and lower income buyers, although the governments First Homes initiative will be a much-needed boost.”