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.
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.
