The number of properties that sold for more than their asking price in May beat previous records for the second month in a row, the latest figures from NAEA Propertymark reveal.

The trade body for estate agents found that 33% of homes achieved more than their original listing price, up from 32% in April.

The gap between demand and supply continues to drive prices upwards as there were just 25 properties available per branch in May, which is the lowest figure since 2002.

On the other hand, the number of househunters per branch increased from 427 in April to 506 in May, which is a record for that month.

As a result there were 20 buyers chasing each property on the market.

An average of 12 sales were agreed per estate agent branch in May, which was the same as April.

This figure is the highest for the month of May in 17 years, since 2007 when the number of sales per branch stood at an average of 13.

Sales to first-time buyers represented 27% of all transactions in May, unchanged from March and April.

NAEA Propertymark chief policy adviser Mark Hayward says: “It is incredible to see demand for housing continuing to break records and more homes selling for over the asking price than ever as consumers rush to beat the initial stamp duty deadline at the end of the month. 

“With 20 buyers per available property, we are firmly still very much in a strong sellers’ market; properties are being snapped up swiftly and at record high prices.

“However, we anticipate that there will be a much-needed rebalancing over the coming months as the remaining stamp duty deadline phases out and people start returning to a semblance of normality, spending money they have been able to save during the pandemic on holidays and more normal activities such as spending to see friends and family.”