NAEA Propertymark has revealed that last month, 16% of properties sold for more than the original asking price, an increase from February when 11% of properties did.

This is the highest figure recorded since May 2014 when 19% of properties sold for more than the original asking price.

A third of properties (33%) sold for less than the original asking price, the lowest number since records began.

Meanwhile, the average number of sales agreed per estate agent branch stood at 12 in March which is an increase from 11 in February.

Year-on-year, this figure is the highest recorded for the month of March since 2007 when the number of sales agreed per estate agent branch also stood at 12.

The number of sales agreed per branch has now increased consecutively each month since December 2020.

NAEA Propertymark also reported that the number of sales made to first-time buyers stood at 27% in March, a rise of 2% from February. This is the highest figure since June 2020.

Mark Hayward, chief policy adviser at Propertymark, said: “It is fantastic to see the property market continuing to thrive, fuelled by the announcement to extend the stamp duty holiday. The pandemic has meant many homeowners currently living in urban and city areas have reconsidered their lifestyle and are now reprioritising how and where they want to live, especially with working from home becoming the new normal.

“The imbalance of supply and demand means it’s an extremely strong sellers’ market; properties are selling quickly and for over the asking price, and this is something we expect will continue in the coming months.”