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TODAY'S OTHER NEWS

It’s over: Market frenzy settles down to near-normal business

Agents are reporting fewer sales and fewer deals above the asking price, as summer and the tapering stamp duty holiday take effect.

Propertymark says 31 per cent of respondents noted above-asking-price sales in July, down from 40 per cent in June – although this is the highest July figure on record in any case.

The number of sales agreed per branch also dropped as stock levels plummeted from 35 in July 2020 to 28 last month, the lowest figure since 2017.

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Even so, there are 15 buyers on average for each property advertised for sale, and registered buyers per branch have held stead at 428 per branch.

“This month’s slight rebalance of the market is welcome news and a much-needed step in the right direction, with supply of property beginning to increase and the number of homes selling for over the asking price starting to even out,” says Propertymark interim chief executive Nathan Emerson.

“Now that the stamp duty holiday is close to its final phased-out end, we expect this trend to continue in the coming months as people and spending habits return to normality post Covid.”

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