The expected slump in buyers chasing properties during August has failed to materialise, says Propertymark’s latest monthly market report.
Nearly 40% of properties sold for more than the asking price, a 185% year-on-year increase and the highest figure on record for the month of August – which is usually quiet as home movers roast themselves on Spanish beaches.
This reveals that the pipeline of prospective buyers, frustrated in their attempts to go on a foreign holiday, continued during August.
By comparison, in August 2020 just 13% of properties sold for more than the asking price.
Also, Propertymark reports 435 buyers registered with each of their branches on average, a 10% increase on August 2020.
And first time buyers returned to the market with a vengeance – 28% of buyers were those stepping onto the property ladder.
But supply is dwindling, as has been reported by many portals and estate agents; there were 23 properties available to buy for each agency branch, down from 28 in July.
“This month’s report shows an enduring appetite amongst buyers, including the ongoing wave of new buyers securing their first homes,” says Nathan Emerson, Chief Executive of Propertymark (pictured).
“Lifestyle changes are still prevalent, and buyers are now looking to a future which is very different from the one they envisioned two years ago.
“The search for green space, home offices and more flexible living is a trend that is unlikely to see demand diminish before the new year.”
Lee James Pendleton, co-founder of SW London agency James Pendleton (pictured) agrees, saying that it’s been a ‘crazy summer’ particularly in London’s prime housing market, which picked up significantly during August.