More properties selling below asking price

 
More properties selling below asking price

The UK has seen a record number of homes being sold for less than their asking price as demand falls at the end of 2017.

Traditionally, the UK property market slows down as the end of the year approaches and November saw 85 per cent of homes being sold for less than their asking price.

A survey from the National Association of Estate Agents (NAEA) revealed this is the highest percentage since records began and is up on the 78 per cent recorded in the previous month.

Supply of properties also fall by 19 per cent, with the average estate agent having 34 homes on their books, compared to 42 in October.

This was matched with a fall in demand with a five per cent drop in the number of those registering to look at properties.

“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,” said Mark Hayward, NAEA chief executive.

“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,” he added.