Agents report record August for above asking price sales

Record numbers of properties sold above asking price in August, agents claim.

Data from NAEA Propertymark shows that despite the summer lull, agents reported that 37 per cent of properties sold for more than the original asking price.

This is up from 31 per cent in July and the highest figure for August on record.

Just 13 per cent of properties were sold above asking price by NAEA Propertymark members in August 2020.

Sales agreed were down from 10 in July to nine per branch in August though and the number of properties available dropped from 28 to 23 per branch over the same period.

This means there is an average of 19 buyers for every available property on the market.

The number of sales to first-time buyers managed to hit its highest level since June 2020 when it rose to 28 per cent, from 20 per cent a month before.

Buyer demand increased, with the average number of house hunters registered per estate agent branch at 435 in August, up from 428 in July.

This is a 10 per cent increase from August 2020 when demand stood at 396. 

Nathan Emerson, chief executive of Propertymark, says: “This month’s report shows an enduring appetite amongst buyers, including the ongoing wave of new buyers securing their first homes.

“Lifestyle changes are still prevalent, and buyers are now looking to a future which is very different from the one they envisioned two years ago. The search for green space, home offices and more flexible living is a trend that is unlikely to see demand diminish before the new year.”