The large majority of homes sold during May failed to make their asking price, says the NAEA.
Its members reported that 81% of properties sold last month were for below the listed price, suggesting an increasingly widespread buyer’s market.
NAEA Propertymark’s latest housing report shows that the number of applicants registered per estate agent branch was up on a monthly basis – 16% between April and May – but down 13% annually, from 351 last May to 307 this May.
Property supply among members was up to its highest level so far this year, at an average of 41 properties per branch.
Sales agreed per member branch increased for the second month running, rising from an average of eight per branch in April to nine in May, the highest since last September.
NAEA boss Mark Hayward claimed that the market is “bouncing back”.
He said: “It is encouraging to see the housing market bouncing back, with supply and demand rising to the highest levels seen since last year.
“It’s evident that buyers and sellers are no longer waiting for the outcome of Brexit and want to get things moving, particularly as many sellers are realising that it’s a buyers’ market in certain areas of the country.
“More than eight in ten (81%) properties sold for less than the original asking price in May, which shows that estate agents, with buyers and sellers, are successfully negotiating a property sale, with them coming to an agreement on the value of the home.”