"We are also seeing a record high for the number of transactions taking more than 17 weeks from the offer being accepted to exchanging contracts"
However, this is the highest figure recorded for the month of February since 2017, when the figure stood at 425.
Supply also fell, with the average number of properties available per estate agent branch at 34 in February, falling from 38 in January.
The average number of sales agreed per branch stood at 11 in February, an increase from 10 in January. Year-on-year, this figure is up from nine sales agreed per estate agent branch in February 2020 and seven sales agreed per estate agent branch in February 2019.
However, the figures also show that the time taken from offer to exchange has hit a record high. The number of property transactions taking over 17 weeks from the offer being accepted to exchanging contracts, increased again to 27% from 26% last month – the highest figure on record.
The number of sales made to first-time buyers increased to a seven-month high of 25%, the highest figure recorded by NAEA since July 2020 and an increase from 22% in February 2020.
11% of properties sold for more than the original asking price in February – the highest figure recorded for the month since 2016.
Mark Hayward, chief policy advisor at NAEA Propertymark, commented: “It’s interesting to see that one in nine properties sold for more than the original asking price in February. Over the past few months, we’ve witnessed a boom in the number of prospective buyers and the number of sales taking place following the government’s announcement of a stamp duty holiday, and so it seems many buyers are willing to pay over the asking price in order to secure their dream home.
“We are also seeing a record high for the number of transactions taking more than 17 weeks from the offer being accepted to exchanging contracts due to this unusually high demand for property. This is one of the reasons we campaigned for an extension to the stamp duty holiday; to prevent sales falling through due to delays in the chain.”
