"January saw a surge in buyers looking to kick off the New Year with a new home – but competition is rife with an average of 11 buyers chasing each property."
The figures coincide with an increase in house hunters and decrease in properties, meaning there was an average of 11 buyers chasing each property last month.
The number of properties available to buy on estate agents’ books in January was 38. This is a decrease from December when 41 properties were available and the lowest recorded since July 2016.
At the same time, the average number of prospective buyers registered per member branch in January was 425, a 10% rise from December 2016.
More than one in every 20 properties are now selling for more than the original asking price – the highest amount since April 2016.
Mark Hayward, Chief Executive at NAEA Propertymark, said: “January saw a surge in buyers looking to kick off the New Year with a new home – but competition is rife with an average of 11 buyers chasing each property. The increase in the number of properties selling for more than asking price in January could be a result of heightened interest and the fact there is simply not enough housing to meet demand.
"When the Government issued their Housing White Paper at the start of February we stated how important it was for the industry to put forward robust solutions to really make a difference and it’s vital that building more affordable housing is at the very top of their agenda.”
