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UK housing market remains undeterred

21 October 2020

Despite COVID-19 limitations, agents have been largely permitted to open in areas where local lockdown restrictions have been enforced, and house moves have still progressed. It seems yet again, the pandemic hasn’t been a deterrent for buyers and renters determined to make a change. Read More...

Propertymark backs NRLA calls for a Welsh Housing Survey

20 October 2020

Propertymark has joined up with the National Residential Landlords Association (NRLA) Wales in their campaign for political parties to commit to expanding the evidence base for housing by introducing a Welsh Housing Survey (WHS). Read More...

Welsh Government announce a two-week fire-break – what does it mean for agencies?

19 October 2020

Today, 19 October, First Minister Mark Drakeford announced that the Welsh Government will impose a two-week fire-break period which requires Welsh residents to stay at home from 6pm on Friday 23 October until Monday 9 November. Today's rules also apply to those traveling into Wales from other parts of the UK: you are permitted to travel into Wales to work as long as you comply with the rules. 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