Housing Report, June 2020

Housing market continues to thrive following lockdown

Key Findings

  • One in 10 properties sold for more than the original asking price, the highest recorded since February 2016
  • The number of sales agreed has soared with an average of 10 sales per branch in June
  • Housing demand was 10 per cent higher in June compared to May

What properties sold for

  • In June, one in 10 properties (10 per cent) sold for more than the original asking price as buyers compete for the successful bid on their dream home.
  • This is the highest recorded since February 2016 when 11 per cent sold for more.
  • Nearly two in five (57 per cent) properties sold for less than the original asking price in June.

Sales agreed

  • The average number of sales agreed per estate agent branch stood at 10 in June, double the amount recorded in May when there were five sales recorded per branch.
  • Year-on-year, the number of sales per branch have increased, rising from nine recorded in June 2019.

Demand for housing

  • In June, the number of house hunters registered per estate agent branch rose by 10 per cent, increasing from 344 in May to 379.
  • Year-on-year, housing demand is up by nearly a quarter (24 per cent), rising from 305 in June 2019 as prospective buyers resumed their home buying plans following the market reopening.

Supply of available properties

  • The number of properties available per member branch stood at 37 in June, increasing from 35 in May.
  • Year-on-year, the supply of housing remained the same.

Sales to FTBs

  • The number of sales made to FTBs stood at 29 per cent in June, a fall from 32 per cent in May.

Quote mark

It’s positive to see the market continuing to boom after the government re-opened the property market in May. Usually we’d expect to see a lull in activity during the summer months; however, with estate agents following new social distancing protocols and both demand and sales soaring, it seems we’re in for a busy summer

mark Hayward

Mark Hayward
Chief Executive
NAEA Propertymark