NAEA Propertymark: 10% of properties sold above asking price in June, highest since February 2016

One in 10 properties were sold for more than the original asking price in June, the highest recorded proportion since February 2016 (11%), according to data released by NAEA Propertymark.

Nearly two-fifths (57%) of properties sold for less than the original asking price in June 2020.

The average number of sales agreed per estate agent branch stood at 10 in June, double the amount recorded in May, when there were five sales recorded per branch; year-on-year, the number of sales per branch have increased, rising from the nine recorded in June 2019.

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In June, the number of house hunters registered per estate agent branch rose by 10%, increasing from 344 in May to 379.

Year-on-year, housing demand was up by nearly a quarter (24%), rising from 305 in June 2019.

The number of properties available per member branch stood at 37 in June 2020, increasing from 35 in May; year-on-year, the supply of housing remained the same.

The number of sales made to first-time buyers stood at 29% in June, a fall from 32% in May.

Mark Hayward, chief executive at NAEA Propertymark, said: “It’s positive to see the market continuing to boom after the government reopened the property market in May.

“Usually we’d expect to see a lull in activity during the summer months; however, with estate agents following new social distancing protocols and both demand and sales soaring, it seems we’re in for a busy summer.”