13% of properties sell for over asking price

13% of properties sell for over asking price

15:04 PM, 29th September 2020, About A year ago

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The NAEA Propertymark August report has indicated after the stimulus of the Stamp Duty holiday 13% of properties sold for more than the original asking price. This is the highest percentage in nearly 5 years. However, 53% of properties still sold below asking price.

In July this year only 8% sold above and in June the figure was 10% sold above asking price.

The average number of sales agreed per NAEA branch in August was the highest figure for that month since 2007 with 12 sales up from 9 in August 2019.

Mark Hayward, NAEA Propertymark Chief Executive, said:

“It’s interesting to see that one in eight properties sold for more than asking in August this year. Last month, we witnessed a boom in the number of prospective buyers following the Government’s announcement of a Stamp Duty holiday, and it seems this is increasing the level of competition in the property market.

“With the increase in the number of prospective buyers since this announcement, many buyers are clearly willing to pay over the asking price in order to secure their dream home.”



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