Record number of homes sell above asking price

An all-time record high of one in three properties sold for more than the original asking price last month.

This is according to the latest market snapshot from NAEA Propertymark, released this morning.

The exact proportion - 32 per cent - is twice that proportion recorded a month earlier and is the highest figure on record for the organisation, beating the previous all-time high of 19 per cent back in May 2014.

The Propertymark stats also suggest that the average number of house hunters registered per estate agency branch was 427 in April, an increase from 409 in March - and the highest figure for the month of April since 2004. 

The number of properties available per member branch stood at just 27 in April, falling from 31 in March. This figure is the lowest recorded since December 2002 when 25 properties were available per branch.

“This means there is an average of 16 buyers for every available property on the market” according to Propertymark.

The average number of sales agreed per estate agent branch last month stood at 12, identical to the March figure. Meanwhile the number of sales made to first time buyers stood at 27 per cent in April, which remains the same as March.

“It is phenomenal to see demand for housing breaking records, as house buyers continue to fuel the post-Covid economy. However, the continued imbalance of supply and demand is a concern and has led to a strong sellers’ market with properties being snapped up quickly at high prices” explains Mark Hayward, Propertymark’s chief policy advisor.

He continues: “We look forward to the much-needed rebalancing of the market, and we hope the Planning Bill outlined in the Queen’s Speech encourages the development of more housing, particularly in more affordable areas, as most of the development taking place is in areas that are unaffordable to first-time and lower income buyers, although the government’s First Homes initiative will be a much-needed boost.”