The supply of housing has fallen to its lowest level in 14 years, the National Association of Estate Agents January Housing Market report has found.
The number of properties available per NAEA branch fell to 33 in January, the lowest recorded since December 2002.
The report also found that demand for housing is soaring with an average of 453 house hunters registered per branch, a 21% increase from December when the number averaged at 374.
Mark Hayward, managing director of National Association of Estate Agents, said: “Our findings this month reflect what we are all seeing across the market which is that landlords are trying to complete on sales ahead of the changes to stamp duty on additional homes in April. It continues to be a sellers’ market as demand outstrips supply.
“The number of sales made to first-time buyers has increased this month, and we should expect to see their market share rise after April. The fact that housing supply has reached a 14-year low really highlights the need for the government to push the house building programme to the very top of their agenda and help more first-time buyers make their first step on to the housing ladder.”
Just over seven in 10 (72%) estate agents reported an increase in interest from landlords.
