Approximately one in eight (13%) of properties sold for more than the original asking price in August, the highest level recorded since November 2015, according to NAEA Propertymark’s August Housing Report.
This is a rise from 8% in July, and 10% in June; however, more than half (53%) of properties sold for less than the original asking price in August.
An average of 12 sales were agreed per branch – a slight reduction from 13 in July, but the highest figure recorded for August in 13 years.
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Year-on-year, the number of sales per branch increased by 33%, rising from nine in August 2019.
The number of house hunters registered per estate agent branch fell from 428 in July to 396 in August, while the number of properties available per member branch stood at 40 in August, falling marginally from 43 in July.
The number of sales made to FTBs stood at 23% in August, a fall from 25% in July.
Mark Hayward, chief executive at NAEA Propertymark, 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.”