One in eight sales in late summer achieved above asking price

Data from NAEA Propertymark shows that in August, some 13 per cent of properties sold for more than the original asking price – the highest proportion for almost five years.

This is a big rise from eight per cent in July, and 10 per cent in June.

In August, 53 per cent of homes sold for under the original asking price and 34 per cent at asking price.

The average number of sales agreed per estate agent branch stood at 12 in August, a slight decrease from 13 in July; this was the highest figure recorded for the month of August since 2007. 

Year-on-year, the number of sales per branch has increased by 33 per cent, rising from nine in August 2019.

In terms of demand last month, the number of house hunters registered per estate agent branch fell from 428 in July to 396.

And on the supply side, 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 per cent in August, a fall from 25 per cent in July.

Mark Hayward, the outgoing chief executive of NAEA Propertymark, says: “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.”