The number of homes being sold for above the original asking price soared in June to levels not seen since 2016.
That’s according to the professional body which represents estate agents, NAEA Propertymark, which has seen both demand and supply of homes increase in June – even before the stamp duty holiday was announced.
Its latest housing report revealed estate agent branches had recorded, on average, a 10% increase in houses selling for above the asking prices – 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.
Demand for homes
Its figures also showed demand was up in June, following the re-opening of the housing market in May.
NAEA Propertymark said the average number of sales agreed per branch had risen from five in May to 10 in June.
What’s more the number of sales agreed also increased compared to the same time last year – in June 2019 branches were averaging nine sales.
First-time buyer sales
First-time buyer sales, however, were down, standing at 29% June compared to 32% in May.
NAEA Propertymark said the number of house hunters registered per estate agent branch rose by 10% in June and housing demand was up by nearly a quarter as prospective buyers resumed their home buying plans following the market reopening.
The number of properties available had also increased since May but remained at the same level as June 2019.
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.”
