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Record number of properties sold under asking price as seasonal effect takes hold

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More than four out five UK properties (84%) sold for less than their asking price in November, the highest figure since records began.

Figures from the National Association of Estate Agents (NAEA) showed the total of houses selling under their asking price had increased from the 82% recorded in October, and is up on the 76% on that registered in November 2015.

Demand for properties also saw a drop off in November, with the number of house hunters falling by one fifth (22%), from 440 in October to 344 registered per member branch on average. The number of properties on estate agents’ books also fell by 9%, to the lowest level since July.

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

Mark Hayward, managing director of the NAEA, said November’s slow down is a result of a seasonal slow down, with many sellers holding off till January to put their properties on the market.

“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,” he says.

“Buyers are more inclined to start the year with a property search, rather than attempting it over Christmas,” he adds. “Likewise, although a large number of sales were made below the asking price in November, this can also be put down to the time of year.”