Data from NAEA Propertymark revealed one in three (32%) homes sold for more than the buyer was asking during April.

What’s more, the number of sales per branch also reached its highest level on record during the month.

But whilst demand was high – with an average of 427 house hunters registered per estate agent branch in April compared to 409 in March – supply failed to keep up.

Indeed, NAEA Propertymark revealed the number of properties available per member branch stood at 27 in April, falling from 31 in March.

It’s the lowest recorded since December 2002 when 25 properties were available per branch and means there is an average 16 buyers for every available property on the market.

The data released today a part of the body’s April Housing Report showed the 32% properties selling above the asking price was twice as many than in March when 16% of properties sold for more.

Meanwhile, the average number of sales agreed per estate agent branch stood at 12 in April which is the same as in March.

Year-on-year, this figure was the highest for the month of April since 2007 when the number of sales per estate agent branch stood at an average of 13.

The number of sales made to first-time buyers was 27% in April – the same as March.

Mark Hayward, chief policy advisor at Propertymark, said: “It is phenomenal to see demand for housing breaking records, as house buyers continue to fuel the post-Covid economy.

“However, the continued imbalance of supply and demand is a concern and has led to a strong sellers’ market with properties being snapped up quickly at high prices.

“We look forward to the much-needed rebalancing of the market, and we hope the Planning Bill outlined in the Queen’s Speech encourages the development of more housing, particularly in more affordable areas, as most of the development taking place is in areas that are unaffordable to first-time and lower income buyers, although the government’s First Homes initiative will be a much-needed boost.”