A record number of properties sold at less than asking price, according to the National Association of Estate Agents, in its November report.

More than four in five (84%) properties sold for less than asking price, the highest number since records began in 2013, up from 82% in October and 76% last November.

Demand down

The number of house hunters fell by a fifth (22%) last month from 440 in October, to 344 registered per member branch on average. Supply also slumped with estate agents typically having 39 properties on their books last month, 9% down on October and the lowest level since July this year.

Three in every 10 sales were made to first-time buyers (FTBs) last month, a 3% drop from October.

Mark Hayward, managing director of the National Association of Estate Agents (NAEA), said: “Following the EU referendum earlier this year, we faced a few months of low confidence from buyers and sellers, although in October the market bounced back to full form. We expect this is still the case, and this month’s slow-down is simply down to seasonality – many sellers hold off until January to put their properties on the market, and likewise buyers are more inclined to start the year with a property search, rather than attempting it over Christmas.

“Likewise, although a large number of sales were made below asking price in November, this can also be put down to the time of year.”