Third of homes in East of England selling for asking price or over

Property prices fell by 5.1 per cent in St Albans in the year to December 2018

Buyers paid a record average of 98.1 per cent of the final asking price in England and Wales in January, the first time this percentage has exceeded 98 per cent. - Credit: Getty Images/iStockphoto

More than a third (37 per cent) of homes sold in the East of England during January achieved their final asking price or above. 

Buyers also paid an average of 98.4 per cent of the final asking price in our area during the first month of this year, according to Rightmove. 

Throughout England and Wales the figures were almost identical at 98.1 per cent, with 37 per cent of homes selling for their asking price or over — the highest percentage ever recorded by Rightmove.

In January 2020 just 28 per cent of homes sold for asking price or over, while between 2005 and 2021 this figure stood at 23 per cent. 

Rightmove's director of property data Tim Bannister said: “This unique study quantifies the buyer bidding wars that agents have been reporting since the markets reopened last year, and is further evidence of the unprecedented market that emerged from the various lockdowns with many people deciding they wanted or needed to move as their requirements on space and surroundings changed."

Marc von Grundherr, director of Benham & Reeves in London, said: “It’s little wonder really that such a large proportion of home sales are at asking price or above given that the stamp duty holiday and pent up demand has led to a 50 per cent hike in buyer demand and therefore transactions.

"A continuing strong economic recovery, low unemployment and interest rates that are barely positive, will contribute to further positive data in the coming months.”