Record number of sales go through at less than asking price

This is up from 78% in October, and just higher than last November when 84% of properties sold for less than asking price.

Only one in ten (12%) properties sold at the original asking price in November, also the lowest on record.

Supply dropped by 19% in November to an average of 34 properties per estate agent - the lowest number of properties available since January 2016 - while demand from house hunters decreased by 5%.

More positively, the proportion of sales made to first-time buyers rose to 27%, from 22% in October. This is reflective of the higher levels seen in June when 30% of sales were made to the group.

However, a third of agents think the Chancellor’s announcement around Stamp Duty relief for first-time buyers will not do enough to help them get on the ladder and a further 20% think it will have no impact on the number entering the market.

Instead, agents would like to see more affordable housing (54%), 100% LTV mortgages (31%) and discounted surveyor’s costs (13%) to help first-time buyers entering the market.

Mark Hayward, Chief Executive, NAEA Propertymark, said: “A record number of properties sold for less than the original asking price last month, but despite this, demand for housing and the number of homes available decreased.

"We usually see a slow-down in the property market around Christmas time but our November data shows this happened much earlier this year. It’s clear that more and more potential buyers and sellers have put their plans on hold early so they can start afresh next year.”