The number of homes selling for the over asking price fell to 27% in September from 37% the month before, which may signal an “end to bidding wars” according to Propertymark.

However, homebuyer activity “is still strong” with the number of sales agreed per branch rising to 11 in September from 9 the month before, says the estate agents’ trade body September Housing Report.

It says that the number of sales made to first-time buyers held steady at 27% in September, a dip from 28% in August.

The number of buy-to-let sales fell to 9% in September, from 11% the month before.

However, the report says the number of properties on the market is” uncharacteristically low” holding at 23 per branch in September, the same as August.

This is a 44% fall from September 2020, which the survey says is attributed by agents “to the unrelenting demand meaning properties are being sold faster than new ones are coming to market”.

The average number of house hunters registered per estate agent branch stood at 458 in September, a steady increase from 435 in August and 428 in July.

Propertymark chief executive Nathan Emerson says: “Figures from September tell an interesting story of a market that may be beginning to shift.

“Sales being agreed has increased, but the number of sales achieving over the asking price has reduced, meaning we may start to see an end to the bidding wars that have been so prevalent.

“It’s also interesting to note that although the number of properties available to buy is lower than we have seen before in September, it hasn’t dropped since August meaning that just enough properties are coming to market to satisfy demand.”