Property sales return to record high as agents bask in Stamp Duty holiday

A record number of properties have been reaching the sales agreed stage since the Stamp Duty holiday was announced in July, agents claim.

Analysis from NAEA Propertymark has revealed the average number of sales agreed per estate agent branch stood at thirteen in July, matching the record high previously hit in 2007.

The number of sales was also up from nine in July 2019.

Agents reported 8% of properties sold for more than the original asking price last month, a fall from 10% in June.

Three in five sold for less than the original asking price in July.

Demand and supply also increased, NAEA Propertymark said.

The number of house hunters registered per estate agent branch increased from 379 in June to 428 in July, while the amount of stock per member branch increased from 37 to 43 over the same period.

Sales to first-time buyers did, however, drop from 29% of transactions in June to 25% in July.

Mark Hayward, chief executive of NAEA Property-mark, said: “It’s positive to see the market continuing to boom with clear interest from both buyers and sellers.

“Usually we would expect to see a lull in activity during the summer months, however, demand remains unabated with no signs that this will not continue.

“With the recent Stamp Duty holiday announcement, we expect the housing market to remain busy throughout the rest of the summer.”