A RECORD number of house sales went through at less than the asking price in November, says the industry body for estate agents.

The number of properties available to buy hit the lowest level seen since January 2016, according to NAEA Propertymark's latest report.

Demand for housing also fell, reaching its lowest point in more than a year. The number of sales agreed per branch fell for the first time since July.

However, November saw sales to first-time buyers rise.

Eighty-five per cent of properties sold for less than the asking price in November, the highest seen since records began in 2013. Only one in ten (12 per cent) properties sold at the original asking price, the lowest on record as well.

Chief executive Mark Hayward said: "We usually see a slow-down 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.”