Agents report record number of properties selling at under asking price

Buyers are picking up cut-price properties as both demand and supply hit annual lows in November, agents claim.

The latest NAEA Propertymark Housing Report, based on responses from 691 branches, showed that members reported 85% of properties sold for less than the asking price in November, the highest seen since records began in 2013.

This is up from 78% in October, and just higher than November 2016 when 84% of properties sold for less than asking price.

Just 12% of properties sold at the original asking price in November, the lowest on record as well.

Agents also reported that the number of properties available to buy on their books dropped from 42 in October to 34 in November, the lowest available since January 2016 when 33 properties were available on average per branch.

Demand also hit a new low, falling from 349 in October to 333 in November, the lowest since September 2016.

The number of sales per branch decreased for the first time since July to seven in November, but the proportion of sales to first-time buyers rose from 22% in October to 27% last month.

Mark Hayward, chief executive of 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 slowdown 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.”

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