Nearly four in ten homes are selling for asking price or more

The average property price in Britain is now worth £336,073

The amount of homes selling for at least the asking price is rising as buyers seek new homes in a busy market.

Since the housing market reopened last year, this percentage has been increasing, culminating in a record high.

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According to data by Rightmove, as recorded in January this year, 37% of homes sold in England and Wales achieved their final asking price or above.

Nationwide Building Society reckons that annual house price inflation has jumped since then, by 10.9% in May, therefore the 37% figure could be higher.

As housing activity in the UK increased on the stamp duty holiday, the number of buyers surpassed the number of sellers, causing competition in terms of prices.

With the average property in Britain worth £336,073, house prices are at record highs.

However, as the stamp duty holiday approaches an end, there are signs of a slowdown in the market.

Managing director of Ascend Properties Ged McPartlin told City AM: “It’s certainly a sellers market at present and despite the initial stamp duty holiday deadline fast approaching, we continue to see multiple buyers attempt to outbid each on what limited options are available which is driving up the percentage of asking price achieved.”

“The North of England continues to lead the way in terms of the strongest performing regions and with many sellers achieving near enough what they’re marketing their property for, it’s no wonder there has been such steep rates of house price growth of late.”

“We may see this heightened market activity subside slightly once the current stamp duty holiday is done and dusted, however, the ongoing imbalance between supply and demand should ensure this trend persists well into next year.”

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