A third of properties sold for more than the asking price in May, according to the National Association of Estate Agents – NAEA Propertymark.

The organisation said it was the highest ever recorded figure for the month and a slight increase on the 32 per cent reported in April.

The average number of sales agreed per estate agent branch stood at 12 – the highest May figure in 17 years.

Supply down

The number of properties available per NAEA branch was 25, falling from 27 in April. This is the lowest recorded since December 2002.

This means there is now an average of 20 buyers for every available property on the market.

Mark Hayward, chief policy advisor at Propertymark, said: “It is incredible to see demand for housing continuing to break records and more homes selling for over the asking price than ever as consumers rush to beat the initial stamp duty deadline at the end of the month.

“With 20 buyers per available property, we are firmly still very much in a strong sellers’ market; properties are being snapped up swiftly and at record high prices.

“However, we anticipate that there will be a much needed rebalancing over the coming months as the remaining stamp duty deadline phases out and people start returning to a semblance of normality, spending money they have been able to save during the pandemic on holidays and more normal activities such as spending to see friends and family.”