The latest figures from NAEA Propertymark have revealed that the UK housing supply fell to its lowest March level since records began in 2002.

Key Findings

• The number of properties available to buy on estate agents’ books decreased to 39 in March, from 44 in February. Looking at this year-on-year, supply is down 28% as agents had 54 properties available to market last March.
• The number of prospective house buyers also decreased in March. Estate agents had an average of 397 prospective buyers on their books last month, compared to 425 in February.
• The proportion of sales which were agreed for first-time buyers rose to 25%, up from 22% in February.

Mark Hayward, Chief Executive, NAEA Propertymark, said: “There are currently 10 house-hunters chasing each available property, and with supply at the lowest level for March since records began, building more homes to satisfy demand needs to be a priority.