A third of properties sold for more than asking price

One in three properties sold for more than the original asking price in May, according to the latest data released by NAEA Propertymark.

The 33% of properties sold for over the original asking price is up slightly on the 32% recorded a month earlier.

The findings support separate figures released by Rightmove today.

The data from Propertymark also shows that the average number of sales agreed per estate agent branch stood at 12 in May, which is the same as April.

Year-on-year, this figure is the highest for the month of May in 17 years, since 2007 when the number of sales per branch stood at an average of 13.

The number of sales made to first-time buyers was at 27% in May, which is the same as both March and April.

In addition, the number of properties available per member branch stood at 25 in May, falling from 27 in April.

This is the lowest number recorded since December 2002 when there were also 25 properties available per branch.

Looking at demand, the average number of house hunters registered per estate agent branch stood at 506 in May. This is an increase from 427 in April, and the highest figure ever on record for May, beating the previous record of 421 in May 2004.

Mark Hayward

Mark Hayward, chief policy advisor at Propertymark, commented: “It is incredible to see demand for housing continuing to break records and more homes selling for over the asking price than ever as consumers rush to beat the initial stamp duty deadline at the end of the month.

“With 20 buyers per available property, we are firmly still very much in a strong sellers’ market; properties are being snapped up swiftly and at record high prices.

“However, we anticipate that there will be a much needed rebalancing over the coming months as the remaining stamp duty deadline phases out and people start returning to a semblance of normality, spending money they have been able to save during the pandemic on holidays and more normal activities such as spending to see friends and family.”

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