Pressure on the sales and lettings market eased last month as 72% of house purchases were agreed below the asking price, while 51% of estate agents report rents falling or staying the same, data from Propertymark shows.
House prices fell because competition for homes fell by 36%, from a high of 11 new buyers for every new property instructed, to just 7 buyers per member branch, according to the estate agents body’s November Housing Insight Report.
The study says: “Buyers who were caught in bidding wars are now back in the driving seat as total available properties on the market continues to rise to an average of 33 properties per estate agent branch. That is a 74% increase in homes to choose from since the start of the year.”