"Properties are selling quickly and for over the asking price, and this is something we expect will continue in the coming months."
A third of properties (33%) sold for less than the original asking price during March, the lowest number since Propertymark's records began.
The average number of sales agreed per estate agent branch stood at 12, the highest recorded for the month of March since 2007. The number of sales agreed per branch has now increased consecutively each month since December 2020.
The number of sales made to first-time buyers stood at 27% in March, a rise of 2% from February to the highest level since June 2020.
The average number of house hunters registered per estate agent branch stood at 409 in March, which is an increase from 388 in February.
The number of properties available per member branch stood at 31 in March, falling from 34 in February, meaning there is now an average of 13 buyers for every available property on the market.
Mark Hayward, chief policy advisor at Propertymark, commented: “It is fantastic to see the property market continuing to thrive, fuelled by the announcement to extend the stamp duty holiday.
"The pandemic has meant many homeowners currently living in urban and city areas have reconsidered their lifestyle and are now reprioritising how and where they want to live, especially with working from home becoming the new normal.
"The imbalance of supply and demand means it’s an extremely strong sellers’ market; properties are selling quickly and for over the asking price, and this is something we expect will continue in the coming months.”
