One in three (32%) properties sold for more than asking price in April – the highest on record, according to the latest figures from estate and lettings agent trade body Propertymark.
This is the highest figure on record, beating the previous record of 19% in May 2014.
The average number of house hunters registered per estate agent branch stood at 427 in April, which is an increase from 409 in March.
Mark Hayward, chief policy advisor at Propertymark, said: “It is phenomenal to see demand for housing breaking records, as house buyers continue to fuel the post-COVID economy.
“However, the continued imbalance of supply and demand is a concern and has led to a strong sellers’ market with properties being snapped up quickly at high prices.
“We look forward to the much-needed rebalancing of the market, and we hope the Planning Bill outlined in the Queen’s Speech encourages the development of more housing, particularly in more affordable areas, as most of the development taking place is in areas that are unaffordable to first-time and lower income buyers, although the governments First Homes initiative will be a much-needed boost.”