The number of homes selling for more than their asking price neared a seven-year high last month, according to NAEA Propertymark.
One in six, or 16%, of properties sold for more than their original asking price, says the estate agent’s body in its March report published today, an increase from 11% in February.
The March rate is the highest since May 2014, when 19% of properties fell into this bracket.
The survey adds that a third of properties sold for less than the original asking price, the lowest number since its records began.
NAEA Propertymark, formed in 2017, represents estate agents in over 12,000 offices across the UK.
It says the average number of sales agreed per estate agent branch stood at 12 in March, an increase from 11 the month before.
Year-on-year, this is the highest March figure since 2007, when the number of sales agreed per estate agent branch also stood at 12.
The number of sales agreed per branch has increased for the last four months in a row since December, the survey adds.
The number of first-time buyer sales lifted to 27% per cent last month, a 2% rise from February and is the highest figure since June 2020.
The average number of house hunters registered per branch stood at 409 in March, an increase from 388 from the previous month.
However, the number of properties available per member branch stood at 31 in March, falling from 34 in February.
This means there is an average of 13 buyers chasing every available property on the market.
Propertymark chief policy advisor Mark Hayward says: “It is fantastic to see the property market continuing to thrive, fuelled by the announcement to extend the stamp duty holiday.
“The pandemic has meant many homeowners currently living in urban and city areas have reconsidered their lifestyle and are now reprioritising how and where they want to live, especially with working from home becoming the new normal.”
Hayward adds: “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.”