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Almost one in three properties (32 per cent) sold for more than its asking price in April, according to NAEA Propertymark’s latest Housing Market Report.
This represents the highest percentage ever recorded, comfortably beating the previous high of 19 per cent in May 2014.
As demand surged, the supply of properties shrank to the lowest number in almost two decades, with figures reaching levels last seen in December 2002.
Commenting on the figures, Mark Hayward, NAEA Propertymark’s chief policy advisor, said: “The continued imbalance of supply and demand is a concern and has led to a strong sellers’ market.
“We look forward to the much-needed rebalancing, 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 UK Government’s First Homes initiative will be a much-needed boost.”
According to NAEA Propertymark, the average number of house hunters registered per estate agent branch currently stands at 427, which is the highest April figure since 2004; when there were 487 house hunters for each branch.
The number of properties available per member branch fell from 31 in March to 27 in April, meaning there is an average of 16 buyers for every available property on the market.
NAEA Propertymark is the UK’s leading professional body for estate agency personnel; representing members who practice from over 12,000 offices.