The number of properties available to buy on agents’ books decreased to 39 last month - the lowest amount recorded for March since National Association of Estate Agents records began 15 years ago.
Year on year, supply is down 28 per cent as agents had 54 properties available to market last March.
Meanwhile the number of house buyers registered per member branch fell in March as well; agents had an average of 397 prospective buyers on their books compared to 425 in February. In March last year, there were 417 prospective buyers registered per branch, meaning demand has fallen by five per cent year-on-year.
One piece of good news is that the proportion of sales which were agreed for first time buyers rose to 25 per cent, up from 22 per cent in February.
In terms of sales agreed, this figure fell to an average of 10 per branch in March, down from 11 the month before. Some five per cent of homes sold last month went for more than the original asking price.
A year on since the higher rates of stamp duty for additional properties was introduced, two thirds of agents have seen demand for properties from buy to let investors decrease.
“There are currently 10 house-hunters chasing each available property“ says Mark Hayward, chief executive of NAEA Propertymark.