One in nine properties sold for more than asking price in February 2021

PropertyMark -Housing Report, February 2021

Key Findings

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  • 11 per cent of properties sold for more than the original asking price in February – the highest figure recorded for the month since 2016

  • In February, the number of sales made to first-time buyers (FTBs) increased to a seven-month high of 25 per cent

  • The average number of sales agreed per estate agent branch increased to 11

What properties sold for In January, one in nine (11 per cent) properties sold for more than the original asking price.

  • This the highest figure recorded since August last year and the highest figure on record for the month of February since 2016.

  • The majority (57 per cent) of properties sold for less than the original asking price.

  • Time taken from offer to exchange

In January, a record number of property transactions (26 per cent) took over 17 weeks from the offer being accepted to exchanging contracts.

  • Sales to FTBs

  • The number of sales made to FTBs rose to 25 per cent in February, from 23 per cent in January.

  • This is the highest figure recorded since July 2020 and year-on-year is an increase from 22 per cent in February 2020.

Demand for housing

  • In February, the average number of prospective buyers registered per estate agent branch stood at 388, a 20 per cent decrease from 487 in January.

  • However, this is the highest figure recorded for the month of February since 2017, when the figure stood at 425.

Time taken from offer to exchange

  • In February, the number of property transactions taking over 17 weeks from the offer being accepted to exchanging contracts, increased again to 27 per cent from 26 per cent last month – the highest figure on record.

Sales agreed

  • The average number of sales agreed per estate agent 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.

Supply of available properties

  • The average number of properties available per Propertymark member branch stood at 34 in February, falling from 38 in January.


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