In May 2020, 70% of properties sold for less than the original asking price, while only 3% sold for more, according to NAEA Propertymark’s May 2020 Housing Report.
The average number of sales per estate agent branch during May, following the reopening of the property market, stood at five, 44% lower than in February.
However, this is partly due to the market only reopening in mid-May.
In fact, the number of house hunters registered per estate agent branch rose by 7% compared to before lockdown.
Year-on-year, housing demand rose by 12%, while the supply of housing fell by 15% since May 2019.
A third (32%) of sales during May were made to first-time buyers, a rise from 22% in February.
Three-fifths (61%) of estate agents have seen an increase in the number of sales falling through since the lockdown.
Mark Hayward, chief executive, NAEA Propertymark, said: “It’s great to see the market up and running again, bringing some much-needed confidence back.
“With estate agents following new socially distanced protocols, and the demand for viewings soaring, we are set for an exciting summer.
“It will be interesting in the coming months to see if the lifestyle changes triggered by the COVID-19 pandemic will have an impact on house sale locations, especially in and around commuter towns.”