Number of properties sold over asking price reaches highest level since 2014

Propertymark has published its latest Housing Market Report for March 2021, which highlights that number of properties sold over asking price reaches highest level since 2014.

Key points from report:

• One in six (16%) properties sold for more than the asking price in March – the highest recorded since May 2014
• The number of sales agreed reached the highest for the month of March since 2007
• Demand from prospective house buyers increased, with an average of 13 buyers for every property on the market

What properties sold for:

• In March, one in six (16 per cent) properties sold for more than the original asking price, an increase from February when 11 per cent of properties did.
• This is the highest figure recorded since May 2014 when 19 per cent of properties sold for more than the original asking price.
• A third of properties (33 per cent) sold for less than the original asking price, the lowest number since records began.

Sales agreed:

• The average number of sales agreed per estate agent branch stood at 12 in March which is an increase from 11 in February.
• Year-on-year, this figure is the highest recorded for the month of March since 2007 when the number of sales agreed per estate agent branch also stood at 12.
• The number of sales agreed per branch has now increased consecutively each month since December 2020.

Sales to FTBs:

• The number of sales made to FTBs stood at 27 per cent in March, a rise of two per cent from February. This is the highest figure since June 2020.

Demand for housing:

• The average number of house hunters registered per estate agent branch stood at 409 in March, which is an increase from 388 in February.

Supply of available properties:

• The number of properties available per member branch stood at 31 in March, falling from 34 in February.
• This means there is an average of 13 buyers for every available property on the market.

Mark Hayward, Chief Policy Advisor, Propertymark comments:

“It is fantastic to see the property market continuing to thrive, fuelled by the announcement to extend the stamp duty holiday. The pandemic has meant many homeowners currently living in urban and city areas have reconsidered their lifestyle and are now reprioritising how and where they want to live, especially with working from home becoming the new normal. The imbalance of supply and demand means it’s an extremely strong sellers’ market; properties are selling quickly and for over the asking price, and this is something we expect will continue in the coming months.”

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