One in three properties is sold for over asking price
Propertymark's latest Housing Market Report shows that one in three properties (32 per cent) sold for more than the original asking price.
This 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, Propertymark’s 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.
Mark Hayward FNAEA, Propertymark Chief Policy Advisor, said: “It is phenomenal to see demand for housing breaking records, as house buyers continue to fuel the post-COVID-19 economy.
“However, the continued imbalance of supply and demand is a concern and has led to a strong sellers’ market with properties being snapped up quickly at high prices.
“We look forward to the much-needed rebalancing of the market, and we hope the Planning Bill outlined in the Queen’s speech encourages the development of more housing, particularly in more affordable areas, as most of the development taking place is in areas that are unaffordable to first-time and lower-income buyers, although the UK Governments’ First Homes initiative will be a much-needed boost.”
For those who don’t know, Propertymark is an organisation that combines the ARLA, NAEA, NAVA, ICBA, APIP and NFoPP Awarding Bodies into a single brand.
To be accredited by Propertymark, like Samuel Wood Estate Agents, is to offer integrity and peace of mind.
Our Co-Director Russell Griffin is also the Midlands Regional Executive on the Propertymark board.