A record one in three homes sold for more than the asking price last month as property boom shows no signs of slowing up
- Perfect storm of high demand and low supply is fuelling property bidding wars
- Average number of buyers per estate agency is 427 – highest figure since 2004
- But average number of homes available per estate agency in April was just 27
A record one in three UK homes sold for above their asking price in April, new figures have revealed.
Some 32% of sellers were offered more than they had asked for last month, the highest proportion since comparable records began in September 2013.
According to Propertymark, a body representing estate and letting agents, the previous record was set in May 2014, when 19% of sales went for above the original asking price.
It comes as a high number of house hunters set against a short supply of properties is helping to fuel bidding wars.
The average number of house hunters registered per estate agency branch stood at 427 in April – the highest figure for the month of April since 2004.
Meanwhile, the average number of properties available per Propertymark member branch stood at 27 in April – the lowest figure recorded since December 2002.
These figures mean there are an average of around 16 buyers for every available property on the market.
Some 32% of homes went above asking price in April, according to Propertymark, in a sign that the property boom is marching on
Mark Hayward, chief policy adviser at Propertymark said: ‘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.’
It comes after one in six homes were sold for above asking price in March, the month’s highest proportion since 2007.
The number of sales agreed was also the highest for the month of March since 2007, Propertymark said.
More than a quarter (27%) of sales in March were also made to first-time buyers – the highest figure since June 2020.
It came after a string of lenders launched new 5% deposit mortgages as part of a Government scheme to help first-time buyers onto the property ladder.
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