One in six homes is selling for more than the asking price as buyers scramble to complete deals before the end of the stamp duty holiday. The figure is the highest it has been for seven years, according to estate agents.
Mark Hayward, chief policy adviser at NAEA Propertymark, said the boom was being fuelled by the stamp duty holiday, which means buyers pay no tax on the first £500,000 of a property's value until June 30th, as well as post-lockdown demand for more spacious homes. He added, 'The imbalance of supply and demand means it's an extremely strong sellers' market. Properties are selling quickly and for over the asking price and this is something we expect will continue in the coming months.'
NAEA Propertymark's research found that 16 per cent of homes sold for more than their asking price in March, the highest figure since May 2014. Each property was found to have 13 buyers chasing after it on average.
The average number of sales agreed per estate agent branch last month was 12, which is also the highest for the month of March since 2007. And about 33 per cent sold for less than the original asking price, which is the lowest on record.