With 4 out of 10 asking prices exceeded
The number of homes selling for asking price or above remains high as purchasers compete for homes in a buoyant property market, the latest figures have revealed.
The percentage has been rising since the housing market reopened last year, with the most recent data showing that almost four in ten homes sold in England and Wales – at 37% – achieved their final asking price or above, which is the highest figure on record for the month of August, according to the National Association of Estate Agents Propertymark.
This is an increase from July when 31% of properties sold for more than the original asking price, and up 185% from August 2020 when 13% of properties sold for over the asking price.
The number of sales made to first-time buyers rose to 28% in August from July’s figure of 20%. This is the highest this year, and since June 2020 when the figure stood at 29%.
Year on year, this is the highest August since August 2016 when it was also 28%.
The number of properties available per branch stood at 23 in August, a drop from July’s figure of 28 per branch. This means there is an average of 19 buyers for every available property on the market.
In addition, the average number of house hunters registered per estate agent branch stood at 435 in August, which is a marginal increase from 428 in July. Year-on-year, this is a 10% increase from August 2020 which stood at 396.
Nathan Emerson, chief executive at Propertymark, commented last week: “This month’s report shows an enduring appetite amongst buyers, including the ongoing wave of new buyers securing their first homes.”
He continued, “Lifestyle changes are still prevalent, and buyers are now looking to a future which is very different from the one they envisioned two years ago. The search for green space, home offices and more flexible living is a trend that is unlikely to see demand diminish before the new year.”