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Further calls to Government to extend Stamp Duty cut

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A group of 50 Conservative MPs are calling on the Chancellor, Rishi Sunak to extend the stamp duty cut for properties worth less than £500,000 a further 12 months in a major boost alongside The Telegraph’s ‘Stamp Out the Duty’ campaign. Read More...

New building safety regulators proposed for Wales

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The Welsh Government’s Building Safety White Paper covers all multi-occupied residential buildings, from houses converted into flats through to high rise apartment blocks. It sets out major reforms to how properties are designed, built, managed, and lived in whilst proposing clear lines of accountability and a stronger regulatory system. Read More...

Support growing for Fire Safety Bill amendments that add protection for leaseholders

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In November, the House of Lords passed an amendment to the UK Government’s Fire Safety Bill making changes to the current legislation to protect leaseholders from having to pay for historical fire safety remedial work, including the removal of dangerous cladding. Read More...

One in Eight properties sold for more than the asking price in August

Monday 28 September 2020

Propertymark’s August Housing Market Report shows 13 per cent of properties sold for more than the original asking price which is the highest recorded since November 2015.

This is also a rise from eight per cent in July, and ten per cent in June. However, the Report shows the majority (53 per cent) of properties sold for less than the original asking price.

Sales

The number of sales agreed per estate agent branch was the highest figure recorded for the month of August since 2007. Standing at 12, it was, however, a slight decrease from July, which was 13.

Year on year though, the number of sales per branch has increased by 33 per cent, rising from nine in August 2019.

Supply and demand

The demand for housing saw a drop in August, with the number of house hunters registered per estate agent branch falling from 428 in July to 396. The number of properties available per member branch stood at 40, which is three less than in July. Sales to first-time buyers also saw a slight drop by two per cent to those sales in July.

Read the full report

Quote mark

It’s interesting to see that one in eight properties sold for more than asking in August this year. Last month, we witnessed a boom in the number of prospective buyers following the Government’s announcement of a Stamp Duty holiday, and it seems this is increasing the level of competition in the property market. With the increase in the number of prospective buyers since this announcement, many buyers are clearly willing to pay over the asking price in order to secure their dream home.

Mark Hayward

Mark Hayward
NAEA Propertymark Chief Executive