One in eight properties sold for more than their asking price, figures from estate agency body NAEA Propertymark have shown.

At 13 per cent, the percentage of sales where properties beat their original asking price was the highest since November 2015.

This is a rise from eight per cent in July, and 10 per cent in June, although the majority still sold for less than the original listing price.

An average of 12 sales were agreed per branch, the highest August figure for 13 years, but slightly down from 13 in July.

Year-on-year, the number of sales per branch increased by 33 per cent, rising from 9 in August 2019.

The number of house hunters registered per estate agent branch fell from 428 in July to 396. 

Supply of properties decreased slightly from 43 in July to 40 in August.

The number of sales made to first-time buyers stood at 23 per cent in August, a fall from 25 per cent in July.

NAEA Propertymark chief executive Mark Hayward says: “It’s interesting to see that one in eight properties sold for more than asking in August this year. 

“Last month, we witnessed a boom in the number of prospective buyers following the government’s announcement of a stamp duty holiday, and it seems this is increasing the level of competition in the property market.

“With the increase in the number of prospective buyers since this announcement, many buyers are clearly willing to pay over the asking price in order to secure their dream home.”