According to the latest figures from NAEA Propertymark, demand from house hunters has continued to increase despite limited supply.
The professional body for estate agency staff released its November housing report that studies the market.
He finds that the number of registered buyers per branch increased 12% from October to November.
The supply of properties continues to drop to just 20 units per branch – the lowest on record and 50% less than in November 2020.
In addition, fierce competition has led 38% of properties to accept sales at a price above the initial asking price.
This is an increase from October, when 21% of properties sold for more than the initial asking price, and continues the trend of a strong sellers market.
It’s also nearly four times higher than last year’s figure, when just 10% of properties sold for above asking price.
Commenting on the results, Propertymark Managing Director Nathan Emerson said, “The pressure on the housing market and, consequently, on house prices, continues at an unrelenting rate.
“However, as December approaches, the market should start to slow down. Those with a property to sell would be wise to act as soon as possible as the level of demand is expected to continue into the first quarter of next year but cannot last forever.