"With 20 buyers per available property, we are firmly still very much in a strong sellers’ market; properties are being snapped up swiftly and at record high prices."
Demand also hit a new record high, with the average number of house hunters registered per estate agent branch at 506 in May. This is an increase from 427 in April, and the highest figure ever on record for May, beating the previous record of 421 in May 2004.
Conversely, supply is at the lowest level recorded since 2002. The number of properties available per member branch stood at 25 in May, falling from 27 in April, meaning there is now an average of 20 buyers for every available property on the market.
The average number of sales agreed per estate agent branch stood at 12 in May, which is the same as April. Year-on-year, this figure is the highest for the month of May in 17 years, since 2007 when the number of sales per branch stood at an average of 13.
The number of sales made to first-time buyers remained steady at 27% in May, the same percentage as both March and April.
Mark Hayward, chief policy advisor at Propertymark, commented: “It is incredible to see demand for housing continuing to break records and more homes selling for over the asking price than ever as consumers rush to beat the initial stamp duty deadline at the end of the month. With 20 buyers per available property, we are firmly still very much in a strong sellers’ market; properties are being snapped up swiftly and at record high prices.
"However, we anticipate that there will be a much needed rebalancing over the coming months as the remaining stamp duty deadline phases out and people start returning to a semblance of normality, spending money they have been able to save during the pandemic on holidays and more normal activities such as spending to see friends and family.”
