Over a third of sales go for asking price or higher - Rightmove

Data from Rightmove shows that no less than 37 per cent of homes early this year sold for the asking price or higher - well above the long term average of 10 per cent recorded since 2005.

This just exceeds the previous single-month highest proportion - 36 per cent - recorded in May 2016.

At the moment the best performing region is Yorkshire and the Humber where 45 per cent of homes are selling for at least the asking price.

Rightmove director of property data Tim Bannister says: “This unique study quantifies the buyer bidding wars that agents have been reporting since the markets reopened last year, and is further evidence of the unprecedented market that emerged from the various lockdowns with many people deciding they wanted or needed to move as their requirements on space and surroundings changed.

“I would, however, caution against sellers being tempted to ask their agent to put their property on for a price that’s much higher than market value. 

“Although many agents are seeing buyers scrambling to put in offers, if your property is priced too high at the beginning it will stick out like a sore thumb on Rightmove as buyers will compare the asking prices of similar properties in the same area. You need to first get people through the door, even for desirable properties in the hotter areas. My advice would be to listen to your agent’s expert opinion, and be mindful that the market is now showing early signs of cooling.”