Another all time record for properties selling over asking price

Another all time record for properties selling over asking price

14:55 PM, 24th June 2021, About 3 years ago

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The latest NAEA Propertymark  Housing Report for May indicates that the number of properties selling over the asking price beats the all-time record for the second month in a row. In May, 33% of properties sold for more than the original asking price compared to April when 32% sold for more

This is fuelled by the supply of properties remaining low with 20 buyers chasing each property. The number of properties available per member branch stood at 25 in May, falling from 27 in April which is the lowest recorded since December 2002 when there were also 25 properties available per branch.

The average number of house hunters registered per estate agent branch stood at 506 in May. This is an increase from 427 in April, and the highest figure ever on record for May, beating the previous record of 421 in May 2004.

Mark Hayward, Chief Policy Advisor, Propertymark, said: “It is incredible to see demand for housing continuing to break records and more homes selling for over the asking price than ever as consumers rush to beat the initial stamp duty deadline at the end of the month. With 20 buyers per available property, we are firmly still very much in a strong sellers’ market; properties are being snapped up swiftly and at record high prices.

“However, we anticipate that there will be a much-needed rebalancing over the coming months as the remaining stamp duty deadline phases out and people start returning to a semblance of normality, spending money they have been able to save during the pandemic on holidays and more normal activities such as spending to see friends and family.”

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