No fewer than 84 per cent of homes sold for less than their asking prices last month - the highest number recorded by the National Association of Estate Agents since it started collecting this data over three years ago.
The proportion selling below asking price has grown over the autumn - it was 82 per cent in October. By contrast in November 2015, the figure was only 76 per cent.
In November this year, the number of house hunters registered with NAEA member agents fell from 440 in October to 344.
The number of properties on estate agents’ books was 39 last month. This is a nine per cent decrease from October when 43 were recorded.
In November, 29 per cent of sales were made to first time buyers, a three per cent drop on October.
Finally the number of sales agreed decreased in November, to an average of eight per branch, down from nine in October and September.
“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” says Mark Hayward, NAEA managing director.
“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” he adds.