NAEA reveals surge in competition

28 July 2020 | General

There’s strong competition amongst homebuyers, as NAEA Propertymark saw 10 sales per branch in June, up from five in May.

The number of house hunters registered per estate agency branch stood at 379 in June, an increase of 10% from 344 in May and 24% from 305 in June 2019.

One in 10 properties sold for more than the asking price in June, the highest recorded level since February 2016. Nearly three in five (57%) sold for less than the original asking price.

Mark Hayward, chief executive, NAEA Propertymark, said: “It’s positive to see the market continuing to boom after the government re-opened the property market in May.

“Usually we’d expect to see a lull in activity during the summer months; however, with estate agents following new social distancing protocols and both demand and sales soaring, it seems we’re in for a busy summer.”

This post has originally been featured in Property Wire.