Record number of properties selling below asking price

The number of house hunters fell by a fifth (22%), from 440 in October to 344 registered per member branch on average.

The number of sales agreed also fell to an average of eight per branch, down from nine in October and September.

The number of properties on estate agents’ books was 39 in November - a 9% decrease from October and the lowest level since July this year.

In November, three in every ten (29%) sales were made to first time buyers. This is a 3% drop from October when a record 32% of sales were made to FTBs.

Mark Hayward, Managing Director of the NAEA, commented: “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.”