The average number of sales agreed per estate agent branch stood at 13 in July following the Chancellor’s announcement of a stamp duty holiday.
This is the highest figure recorded since June 2007 when 13 sales were also recorded per member branch.
Year-on-year, the number of sales per branch has increased by 44%, rising from nine recorded in July 2019.
In July, eight per cent of properties sold for more than the original asking price, a fall from 10% in June. Three in five (60%) properties sold for less than the original asking price in July.
In July, the number of house hunters registered per estate agent branch rose by 13%, increasing from 379 in June to 428.
Year-on-year, housing demand is up by a third (35%), rising from 316 in July 2019.
The number of properties available per member branch stood at 43 in July, increasing from 37 in June. Year-on-year, the supply of housing increased marginally from 41 properties per member branch in July 2019.
The number of sales made to first time buyers stood at 25% in July, a fall from 29% in June.
Mark Hayward, Chief Executive, NAEA Propertymark comments:
“It’s positive to see the market continuing to boom with clear interest from both buyers and sellers. Usually we would expect to see a lull in activity during the summer months; however, demand remains unabated with no signs that this will not continue. With the recent stamp duty holiday announcement, we expect the housing market to remain busy throughout the rest of the summer.”