Estate agents have reported the property sales market cooling off as the ‘stamp duty effect’ fades and the partially-restored Summer holiday get-away kicks in.

Propertymark say its sales agent reported fewer properties selling for more than the asking price during July – 31% of respondents down from 40% in June – but nevertheless this is the highest figure on record for the month.

The number of sales agreed per estate agency also dropped, but the most alarming figure concerns stock levels – down from 35 per branch last July to 28 this July, the lowest figure since 2017.

But despite this, the research shows there are 15 buyers on average for each property advertised for sale, and registered buyers per branch have held stead at 428 per branch.

Property sales

“This month’s slight rebalance of the market is welcome news and a much-needed step in the right direction, with supply of property beginning to increase and the number of homes selling for over the asking price starting to even out,” says Nathan Emerson, Chief Executive of Propertymark comments.

“Now that the stamp duty holiday is close to its final phased-out end, we expect this trend to continue in the coming months as people and spending habits return to normality post Covid.”

Agents have told The Negotiator that in the higher house price brackets where the stamp duty had the most influence on vendor activity, and particularly in London, July was noticeably quieter.