The March Housing Report by NAEA Propertymark has revealed that one-in-six (16%) properties sold for more than the asking price in March – the highest level recorded since May 2014 (19%) and up from 11% in February 2021. Meanwhile, only a third of properties (33%) sold for less than the original asking price, the lowest number since records began.
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.
The number of sales made to first-time buyers (FTBs) stood at 27% in March, which is the highest figure since June 2020. The average number of house hunters registered per estate agent branch stood at 409 in March, which is an increase from 388 in February.
However, 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.