A record number of properties sold for less than their asking price in November, according to the National Association of Estate Agents.
More than four in five (84%) properties went for below the asking price in November, the highest number since records began in 2013.
In October, 82% of properties were sold under asking price, compared to 76% in November 2015.
The number of house hunters fell by a fifth from 440 in October to 344 registered per member branch on average in November.
Mark Hayward, managing director at the 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.”
The number of properties on estate agents’ books was 39 in November, a 9% decrease from October when 43 were recorded and the lowest level since July this year.
The number of first-time buyers fell from 32% in October to 29% in November. There was also a drop in the number of sales agreed decreased in November, to an average of eight per branch, down from nine in October and September.
Loading ...