The NAEA Propertymark November Housing Report reveals that 85% of properties sold for less than the asking price in November - the highest seen since records began in 2013. This is an increase from 78% in October, and slightly higher than November 2016 when 84% of properties sold for less than the asking price.
Only one in ten (12%) properties sold at the original asking price in November, the lowest on record as well.
The study also showed:
- the number of properties available to buy hit the lowest level seen since January 2016;
- demand for housing also fell 5% in November to 333 per branch, from 349 in October, reaching the lowest level in over a year;
- sales to first-time buyers (FTBs) rose in November to 27% (an increase of 5% on October);
- the number of sales agreed per branch decreased for the first time since July.
Chief Executive at NAEA Propertymark, Mark Hayward, 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.”