The number of properties selling above asking price has fallen to the lowest level since last October, agents say.

NAEA Propertymark’s May housing report found that only 3% of properties sold for more than asking price last month, down four percentage points from April, while the number of homes sold for under asking price rose to 77% – up five percentage points from the previous month.

The number of house hunters registered per estate agent branch fell by 8% last month from 381 in April to 350 in May, but this is still up on 304 this time last year.

More properties are on the market now, with 40 per branch compared with 37 registered in May 2016.

Meanwhile, the number of sales agreed per branch rose from eight in April to 10 in May – the same level seen in March.

Mark Hayward, chief executive of NAEA Propertymark, said: “As a rule of thumb, periods of political uncertainty impact the way buyers and sellers interact with the housing market.

“In May, it looks like new buyers were stalling their house search until after the election.

“However, the number of sales agreed per branch increased, meaning the political landscape hasn’t deterred all house hunters.

“Following the result of the General Election, it will be interesting to see how the market reacts over the coming months as summer is peak house-moving season.”