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Nearly three quarters of houses in January were sold at less than asking price according to the National Association of Estate Agents.

NAEA member agents found that 73 per cent of homes were sold for less than asking price in January, 17 per cent more than the same month last year.

An average of eight houses were sold per branch in January, compared to the seasonally low five in December.

The stamp duty reforms have already created movement. Following this, sellers may have hiked up prices to take advantage of buyers' increased budgets. But it seems buyers are counter-acting this by negotiating prices back down says Mark Hayward, the association's managing director.

Supply and demand were both down at the start of the year, indicating that the market is cooling off.

Supply was down to 44 properties available per member branch, compared to an average 47 for the whole year in 2014 and 45 in December. Demand saw a two per cent jump too, with the number of potential buyers registered per branch falling from 360 in December to 353 in January.

The housing market is based solely on sentiment and so if consumers feel an ounce of uncertainty, this will result in a temporary lull predicts Hayward.

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