Extraordinary figures from Propertymark reveal that 16% of homes sold last month were for more than their asking price, the highest ratio for nearly seven years within the property market.
The trade organisation also says the number of sales agreed last month reached the highest level for the traditionally busy month since 2007, driven by an average of 13 prospective buyers chasing each property on the market.
The number of house hunters registered per branch also jumped, from 388 to 409 on average between February and March, while supply dropped from 34 properties to 31 properties per branch.
And only a third of properties sold for less than the asking price, the lowest level since records began.
Reports of a wildly busy market last month are also supported by the research, which points to 12 properties on average being sold per member estate agency branch, up from 11 in February but the highest per-branch figure for 15 years.
First time buyers
The government’s 95% LTV mortgage is helping – sales to first time buyers increased significantly last month, rising from 25% to 27% of all sales.
Mark Hayward (left), Propertymark’s Chief Policy Advisor, has hailed these figures as ‘fantastic’ and pegged the super-hot market to the extended stamp duty exemption for homes for sale under £500,000.
But like many commentators over the weekend, Hayward says: “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.”