The latest data from NAEA Propertymark has also revealed that during August 37% of properties sold for more than the original asking price.
According to the data, this is an increase from July when 31% of properties sold for more than the original asking price, and a staggering increase of 185% from August 2020 when just 13% of properties sold for over the asking price. This is also the highest figure on record for the month of August.
The average number of sales agreed per estate agent branch fell slightly to 9 in August, from July’s figure of 10.
Year-on-year, this figure is average.
Supply of available properties
The number of properties available per member 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.
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 per cent increase from August 2020 which stood at 396.
Nathan Emerson, Chief Executive, Propertymark, comments: “This month’s report shows an enduring appetite amongst buyers, including the ongoing wave of new buyers securing their first homes. Lifestyle changes are still prevalent, and buyers are now looking to a future which is very different from the one they envisioned 2 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.”
