24 May 2021  /  By Andrew Ellinas LL.B.

Properties Sell Over The Asking Price

Properties that sold over the asking price are at an all time high

Propertymark's latest Housing Market Report shows that one in three properties (32 per cent) sold for more than the original asking price, which is the highest figure on record, massively beating the previous one of 19 per cent in May 2014. This is also twice as many as March when 16 per cent of properties sold for more than the original asking price.

With the increase in demand, the report showed the supply of properties reached the lowest number recorded since December 2002. The average number of house hunters registered per estate agent branch is 427, which is an increase from 409 in March and is the highest April figure since 2004 when there were 487 house hunters for each branch.

The number of properties available per member branch fell from 31 in March to 27. This is the lowest recorded number since December 2002, when 25 properties were available per branch, meaning there is an average of 16 buyers for every available property on the market.

The average number of sales agreed per estate agent branch stood at 12 which remained the same as March 2021. Year on year, this figure is the highest for the month of April since 2007, when the number of sales stood at an average of 13.

First-time buyer sales also stayed the same as March, remaining static at 27 per cent

Read the full report: https://bit.ly/3hOFiCH

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