Record high for the number of properties selling over asking price
New data shows that one in three properties sold for more than the initial asking price in April 2021.
In March, 16% of homes sold for over asking price. By April this figure doubled, with 32% of properties selling for over asking price.
This is the highest figure on record. It smashes the previous highest figure of 19% of homes selling for over asking price in May 2014.
The average number of house hunters registered per estate agent stood at 427 in April. This is an increase from March’s figure of an average 409 per branch.
This is also the highest figure for April since 2004. In 2004 the figure for April was 487 house hunters registered per branch.
On the other hand, the supply of properties was at its lowest since December 2002. Demand however, has continued to rise.
Mark Hayward, chief policy advisor argues that the imbalance between supply and demand is a ‘concern’ as it has led to a sellers market. Properties are being snapped up quickly at high prices.