"With the increase in the number of prospective buyers since this announcement, many buyers are clearly willing to pay over the asking price in order to secure their dream home."
This is a rise from 8% in July and 10% in June, however 53% of properties are still selling for less than the original asking price.
The average number of sales agreed per estate agent branch stood at 12 in August, a slight decrease from 13 in July, but the highest figure recorded for the month of August since 2007.
Year-on-year, the number of sales per branch has increased by 33%, rising from nine in August 2019.
Demand and supply fell slightly in August, with the number of house hunters registered per estate agent branch falling from 428 to 396 and the number of available properties falling from 43 to 40.
The number of sales made to first-time buyers stood at 23% in August, a fall from 25% in July.
Mark Hayward, chief executive of NAEA Propertymark, commented: “It’s interesting to see that one in eight properties sold for more than asking in August this year.
"Last month, we witnessed a boom in the number of prospective buyers following the government’s announcement of a stamp duty holiday, and it seems this is increasing the level of competition in the property market.
"With the increase in the number of prospective buyers since this announcement, many buyers are clearly willing to pay over the asking price in order to secure their dream home.”
