Finance News

Housing sales continue post-lockdown surge: NAEA

One in 10 properties sold for more than the original asking price - the highest recorded since February 2016.

Rozi Jones
|
27th July 2020
house sale sold family view buy ftb
"Usually we’d expect to see a lull in activity during the summer months; however, with estate agents following new social distancing protocols and both demand and sales soaring, it seems we’re in for a busy summer."

The number of housing sales agreed per estate agent branch soared in June, according to the latest figures from NAEA Propertymark.

Its data shows that the average number of sales agreed per branch stood at 10 in June, double the amount recorded in May. The number of sales has also increased year-on-year, rising from nine recorded in June 2019.

Housing demand was 10% higher in June compared to May and is up by nearly a quarter (24%) year-on-year, rising from 305 house hunters registered per estate agent branch in June 2019 to 379.

In June, one in 10 properties sold for more than the original asking price - the highest recorded since February 2016 when 11% sold for more.

Nearly two in five (57%) properties sold for less than the original asking price in June.

Supply increased to 37 properties per member branch, increasing from 35 in May and remaining steady year-on-year.

The number of sales made to first-time buyers stood at 29% in June, a fall from 32% in May.

Mark Hayward, chief executive at NAEA Propertymark, commented: “It’s positive to see the market continuing to boom after the government re-opened the property market in May. Usually we’d expect to see a lull in activity during the summer months; however, with estate agents following new social distancing protocols and both demand and sales soaring, it seems we’re in for a busy summer.”

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