"The pressure of completing a house purchase ahead of the stamp duty, LTT and LBTT holiday deadlines means we have seen an extremely high number of potential buyers flood the market in November"
The average number of prospective buyers registered per estate agent branch rose to 580, the highest number since records began for the month of November.
The average number of sales agreed per branch stood at 13 in November, a small increase from 12 in October. This is the highest figure recorded for the month of November since 2002, when the number also stood at 13.
Year-on-year, the average number of sales agreed per branch has increased by 86%, rising from seven in November 2018 and 2019.
The number of sales made to first-time buyers increased to 24% in November, rising from 21% in October but remaining four percentage points below the 28% recorded in November 2019.
The number of properties available per member branch stood at 40 in November, rising marginally from 39 in October.
In November, 10% of properties sold for more than the original asking price, up from 7% in October.
Mark Hayward, chief policy adviser at NAEA Propertymark, commented: “The pressure of completing a house purchase ahead of the stamp duty, LTT and LBTT holiday deadlines means we have seen an extremely high number of potential buyers flood the market in November, in the hope of finding their dream home.
“We remain very concerned about the impact of the stamp duty, LTT and LBTT cliff edges on the 31st March, with nearly three in five (56%) estate agents expecting to see an increase in failed sales next year due to buyers realising their sale will not complete ahead of the deadline.”
