NAEA Propertymark has reported that just 3% of properties sold for more than asking price in May, down four percentage points from April and the lowest level since October 2016.

The number of homes which sold for less than asking price rose to 77% last month, up five percentage points from April.

The report found that the number of house hunters registered per estate agent branch fell by 8% last month, from 381 in April to 350 in May. The NAEA said this is unsurprising as political uncertainty ahead of the General Election stalled buyers’ plans.

However, demand from prospective buyers has risen by 15% since May 2016, when 304 were registered per branch.

The number of properties available to buy rose by 11% last month to 40 per branch; this is slightly higher than May 2016 when 37 properties were available to buy per branch.

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.”