Sales agreed per Propertymark member branch are now running at eight per month - the highest figure since last October according to the trade body.
Its latest monthly snapshot says 39 per cent of properties sold for over the original asking price in February, while the proportion of monthly sales to first time buyers reached their highest point since June 2000, accounting for 37 per cent of overall sales.
There’s also been a welcome boost in supply the average number of properties listed per member agent branch has risen from 19 in January to 23 in February, the highest it’s been for five months.
But agents report that the number of new instructions entering the market has remained steady at an average of nine per member branch, mirroring January’s figure.
Propertymark says that the average number of new buyers registering at each member branch was down to 67 from 100 the previous month, but the total number of registered buyers on books was an average of 590 per member branch — up from 552 in January.
With an average of 23 homes per member branch and 590 registered house hunters, an average branch has a ratio of 26 potential buyers for every available property.
Chief executive Nathan Emerson says: “It’s positive to see more properties entering the market. The number of new buyers wanting to register is easing, but agents’ books are still bursting with those who have missed out on previous properties.
“The amount of properties going for over the asking price is still a figure that’s over three times more than what we would see in a pre-pandemic market, but with the cost of living, energy and interest rates all looking to increase it’s possible we will start to see buyers being more cautious with their cash.”