That’s the highest number of house hunters recorded by the estate agency trade body since June 2004, when 581 were registered per branch.
The average number of sales agreed per branch rose to 14 in September, the highest figure recorded since August 2006, while on a yearly basis the number of sales per branch has jumped by 75% from September 2019.
However, it’s not first-time buyers that are benefiting from this increased activity. The number of sales to those taking their first step onto the housing ladder stood at just 19% for the month, the lowest figure seen since March 2013, down from 23% in August and 30% in September last year.
Around 8% of the properties sold over the month went for more than the original asking price. This was down from August’s high of 13%, with the majority (53%) selling for less than the original asking price in September.
Mark Hayway, chief executive of NAEA Propertymarket, said that it’s not uncommon for buyers and sellers to flood the market in September in the hope of completing their deals before the start of the festive period, but there has been a larger than usual spike as a result of the Stamp Duty holiday.
He added: “This boom has been hugely beneficial for the housing market; however, with a Stamp Duty cliff edge on the 31st March, we are calling on Government to rethink these timings due to the increased pressure on service providers within the industry which is causing delays for buyers and sellers.
“Failure to find a solution to the cliff edge, whether that be a taper or extension, could cause thousands of sales to fall at the final hurdle and have a knock on and drastic effect on the housing market which has recovered well from the Covid slump.”
