In August, 37 per cent of properties sold for more than the original asking price. This is an increase from July when 31 per cent of properties sold for more than the original asking price, and considering the market seasonally, this is the highest August on record. The previous highest was 13 per cent of properties selling over the asking price in August 2020, a year on year increase of a staggering 185 per cent.
The number of properties available per member branch stood at 23 in August, a decline from July’s figure of 28 per branch. Year-on-year this is the lowest figure ever on record for the month of August with the previous lowest August being during 2017 when there were 37 houses available to buy per branch.
This means there is an average of 19 buyers for every available property on the market.
