Since the housing market reopened last year in May in England and in June in Wales the percentage of homes achieving asking price or above has been steadily increasing to reach this new record.
In January 2020, 28% of homes were achieving asking price or above and the long-term average between 2005 and 2021 is just under one in four homes (23%).
The last record was set back in May 2016, when 36% of homes sold for asking price or above.
The best performing region is Yorkshire and the Humber where 45% of sellers saw their home selling for at least the asking price.
There were 18% of homes that sold for over the asking price that completed in January, which is the same as the previous high of 18% in May 2016.
The long-term average between 2005 and 2021 for the proportion of homes selling for over the asking price is 10%.
Tim Bannister, director of property data at Rightmove, said: “This unique study quantifies the buyer bidding wars that agents have been reporting since the markets reopened last year, and is further evidence of the unprecedented market that emerged from the various lockdowns with many people deciding they wanted or needed to move as their requirements on space and surroundings changed.
“I would, however, caution against sellers being tempted to ask their agent to put their property on for a price that’s much higher than market value.
“Although many agents are seeing buyers scrambling to put in offers, if your property is priced too high at the beginning it will stick out like a sore thumb on Rightmove as buyers will compare the asking prices of similar properties in the same area.
“You need to first get people through the door, even for desirable properties in the hotter areas. My advice would be to listen to your agent’s expert opinion, and be mindful that the market is now showing early signs of cooling.”
