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LATEST: Record number of properties selling for more than asking price

Latest figures from NAEA Propertymark reveal that 40% of homes for sale exceeded their asking price last month.

Nigel Lewis

spring properties

The number of properties selling over the asking price hit an all-time high last month as housing demand showed no sign of slowing.

NAEA Propertymark’s June Housing Report reveals that 40% of properties sold for more than the original asking price, up from 33% in May, the highest figure ever recorded.

 The average number of sales agreed per estate agent branch fell slightly to 11 in June, from May’s figure of 12, however, year-on-year, this figure is the highest for the month of June in four years. The number of properties available per branch stood at 23 in June, falling slightly from 25 in May – the joint lowest ever on record for the second month in a row. This means there is an average of 19 buyers for every available property.

The average number of house hunters registered per branch stood at 426 in June, according to Propertymark, a drop from 506 in May but in line with the previous month’s figure of 427. Year-on-year this is the highest figure on record for the month of June for six years.

Astonishing

mark hayward naeaChief policy advisor Mark Hayward (pictured) says it’s astonishing to see demand for housing breaking records yet again, after consumers hurried to beat the first tapered stamp duty deadline. “With 19 buyers per available property, we are very firmly still in a strong sellers’ market,” he says. “Properties are being snapped up swiftly and at record high prices.”

Adds Hayward: “We do anticipate a rebalancing of the market over the coming months however, which is much needed. As the stamp duty holiday continues to be phased out and people return to normality now that most Covid restrictions have been lifted, they will be spending money saved during the pandemic on white goods for their new homes.”

Read more: The boom booms on.

July 27, 2021

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