Mortgages  

Most properties sold for less than asking price in November

Most properties sold for less than asking price in November

More than four in five properties sold for less than asking price in November, the highest number since records began in 2013.

The figure comes from the National Association of Estate Agents, which said that in October 82 per cent of properties were sold under asking price, compared to 84 per cent in November.

In November 2015 only 76 per cent of properties were sold for less than the asking price.

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Demand for properties also fell in November, with the number of house hunters falling by a fifth from 440 in October to 344 registered per member branch on average.

Mark Hayward, managing director of 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 NAEA also reported a decreasing supply of properties on estate agents’ books.

On average there were 39 in November, a 9 per cent decrease from October and the lowest level since July this year.

November also saw three in every 10 made to first-time buyers, a 3 per cent drop from October when a record number of sales were made to this group (32 per cent).

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