There has been a significant increase in demand from home buyers, which is placing upward pressure on property values, with the number of homes sold for over asking price reaching the highest level since 2014.

The attest data from NAEA Propertymark shows that 16% of properties sold for more than the asking price in March, as purchases seek to take advantage of the current stamp duty holiday.

The number of sales agreed reached the highest for the month of March since 2007, as demand from prospective house buyers increased, with an average of 13 buyers for every property on the market.

The number of sales agreed per branch has now increased consecutively each month since December 2020.

Overall, the average number of house hunters registered per estate agent branch stood at 409 in March, which is an increase from 388 in February.

Mark Hayward, chief policy advisor, Propertymark commented: “It is fantastic to see the property market continuing to thrive, fuelled by the announcement to extend the stamp duty holiday.

“The pandemic has meant many homeowners currently living in urban and city areas have reconsidered their lifestyle and are now reprioritising how and where they want to live, especially with working from home becoming the new normal.

“The imbalance of supply and demand means it’s an extremely strong sellers’ market; properties are selling quickly and for over the asking price, and this is something we expect will continue in the coming months.”