Properties Selling Above Asking Price

At Prestige & Village, we are pleased to serve a lot of clients in many different parts of the country. This leads to some regional differences in the way we work, and what we offer, but there are many similarities to the services we provide.

No matter where we are in the country, we find all homeowners are looking to sell their home for the best possible price. This isn’t a surprise, but recently, more homeowners have achieved this goal.

In information provided by NAEA Propertymark, the number of properties selling over and above the asking price reached an all-time high during April 2021.

32% of properties sold for more than their asking price in April 2021.
This is the highest percentage of properties sold for more than their asking price
This figure is double the level of March 2021, where 16% of properties sold for more than their asking price
The previous highest figure for homes selling above their asking price was 19%, and this occurred in May 2013

There is great demand for housing these days

The average number of property hunters registered per estate agent branch was 427 in April 2021
This is an increase on the 409 listed in March 2021
It is the highest figure for April since 2003, when there was an average of 487 house hunters registered per branch
There was an average of 27 properties available per branch for April 2021
This is a drop on the March 2021 figure, which stood at 31
The April 2021 figure is the lowest since December 2002, when there were just 25 properties per branch

There is a consistent level of sales taking place

The average number of property sales agreed was 12 in April 2021
The March 2021 figure was also 12
This is the highest April figure since April 2007, where there were 13 sales agreed per branch
The number of sales made to first-time buyers for April 2021 stood at 27%
The number of sales made to first-time buyers for March 2021 was also 27%

Mark Hayward, Chief Policy Advisor, Propertymark comments: “It is phenomenal to see demand for housing breaking records, as house buyers continue to fuel the post-Covid 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 Governments First Homes initiative will be a much-needed boost.”

At Prestige & Village, we care about our community, and supporting others. We aim to provide you with as much help and assistance as we can. If you have any property or housing questions, please feel free to contact us today.