The percentage of properties that sold for more than the asking price broke a new record in June for the third month in a row, according to NAEA Propertymark.

The estate agency body’s figures show that 40% of homes sold for more than their original listing price, which was a leap from 33% in May, which had also been a record high.

Upward pressure on prices has been driven by a combination of high demand from house hunters and a limited supply of properties on the market, as well as the deadline for the phasing out of the first stage of the stamp duty holiday on June 30.

The average number of sales agreed per estate agent branch fell slightly to 11 in June, from 12 in May.

This figure is the highest for the month of June in four years, since 2017 when the number of sales per branch also stood at an average of 11 per month.

Purchases by first-time buyers accounted for 27 per cent of all sales in June, a figure which has been unchanged each month since March.

The number of available properties per branch stood at 23 in June, which is the lowest number on record and down from 25 in May.

It means there are an average of 19 buyers for every available property on the market.

The average number of house hunters registered per estate agent branch stood at 426 in June, which is a drop from 506 in May, but in line with April’s figure of 427.

It is also the highest June figure for six years.

Propertymark chief policy adviser Mark Hayward says: “It is astonishing to see demand for housing breaking records yet again this month, with more and more homes selling for over the asking price this year as consumers hurried to beat the first tapered stamp duty deadline. 

“With 19 buyers per available property, we are very firmly still in a strong sellers’ market; properties are being snapped up swiftly and at record high prices.

“We do anticipate a rebalancing of the market over the coming months however, which is much needed. 

“As the stamp duty holiday continues to be phased out and people return to normality now that most Covid restrictions have been lifted, they will be spending money saved during the pandemic on white goods for their new homes.”