Both demand and supply saw expected fall in November, data shows

 
Both demand and supply saw expected fall in November, data shows [Photo: Courtney Keating via iStock]

It may have been something of an anomaly of a year in 2016, but the property market appears to be still following normal annual trends, as new data shows that after months of positives, it is experiencing the perennial slowdown towards the festive period. 

New National Association of Estate Agents (NAEA) data shows that over the course of the past month, both demand for homes and supply of properties fell. 

The report shows that there was a fall in terms of the number of buyers per branch from 440 in October to 344 in November which represented a fall of 22 per cent. Similarly, the number of homes for sale per branch fell to just 39 in November, which marked a monthly drop of nine per cent, and was the lowest reading since July. 

There was good news among this for buyers, though, with the low demand meaning that many were able to get themselves a deal in what was a less competitive market in November. According to the NAEA data, as many as 84 per cent of homes that went on the market sold for less than their asking price in November, which was the highest reading since 2013. 

Despite the falls in both demand and supply, the NAEA said that the market continues to perform strongly, and that the latest data is simply more to do with seasonal changes than it is to do with Brexit and the economic uncertainty it has brought about. 

"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," said Mark Hayward, NAEA managing director.

"We expect this is still the case, and this month’s slowdown is simply down to seasonality as 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."