31% of properties still selling over asking price

31% of properties still selling over asking price

9:57 AM, 20th August 2021, About 2 years ago

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Propertymark’s July housing report indicates nearly a third (31%) of properties sold for more than the original asking price. This is a significant decrease from June which reported 40% sold over asking price, but closer to May’s figure of 33%.

Agent members have highlighted signs of housing market stabilisation with the number of properties available per branch increased from June’s figure of 23 to 28 for July. However, this is the lowest stock availability on record for the month of July, beating the previous record of 35 per branch during 2017, but at least moving in the right direction.

Nathan Emerson, Chief Executive Officer Propertymark, said: “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.

“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”

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