Surge in properties selling for above asking price as buyer demand spikes

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That’s according to NAEA Propertymark, the professional body for estate agents, which has reported both year-on-year and monthly sales soared at its branches in June.

In its latest housing report the trade body said the 10% increase in houses selling for above the asking prices was the highest recorded since February 2016 when 11% sold for more.

But there was still hope for buyers looking for a bargain as it revealed nearly two in five – 57% – had sold for less the original asking price.

The average number of sales agreed per branch had risen from five in May to 10 in June – a figure which was higher than the same time last year. Indeed, in June 2019 branches were averaging nine sales agreed during the month.

NAEA Propertymark said the number of house hunters registered per estate agent branch rose by 10% in June, increasing from 344 in May to 379.

What’s more, year-on-year, housing demand was up by nearly a quarter (24%), rising from 305 in June 2019 as prospective buyers resumed their home buying plans following the market reopening.

The number of properties available per member branch stood at 37 in June, increasing from 35 in May but year-on-year, supply remained the same.

First-time buyer sales, however, were down, standing at 29% June compared to 32% in May.

Mark Hayward, chief executive, NAEA Propertymark said: “It’s positive to see the market continuing to boom after the government re-opened the property market in May.

“Usually we’d expect to see a lull in activity during the summer months; however, with estate agents following new social distancing protocols and both demand and sales soaring, it seems we’re in for a busy summer.”