Activity in the UK housing market contracted in November, signalling the start of the traditional Christmas slowdown, the NAEA reported this morning. 

Its report showed falls in supply of property, demand and the number of sales. According to the latest figures, the number of sales made by agents fell during November, with the average branch selling just six properties in November compared with eight in October.

This represents a year-on-year decrease, with an average of seven sales made in November 2010. 

The level of housing stock also went down, falling from an average of 72 per branch in October to 65 in November. 

The report also found that applicant levels per branch dropped from an average of 305 in October to 262 in November. The NAEA claimed that sales to first-time buyers increased slightly, rising from 16% in October to 19% in November.