The supply of available homes fell to its lowest level for March since records began in September 2002, according to NAEA Propertymark (National Association of Estate Agents).

The number of properties available to buy on estate agents’ books dropped to 39 in March, from 44 in February. Year on year, supply is down 28% as agents had 54 properties available to market last March.

But there were also fewer prospective buyers around in March.

Demand down

Estate agents had an average of 397 prospective buyers registered on their books last month, compared to 425 in February.

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In March last year, there were 417 prospective buyers registered per branch, meaning demand has fallen by five per cent year-on-year.

The NAEA’s house price report also found that a quarter of sales in March were to first-time buyers, while two thirds of agents have seen demand for properties from buy-to-let investors decrease.

Mark Hayward, chief executive of 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. In line with this, while sales to FTBs rose slightly in March, they’re still much lower than the levels seen in the last three months of 2016 which is cause for concern.

“The upcoming General Election is a good opportunity for each Party to outline their plans for tackling the housing crisis – we hope to see it prioritised so we can make the market a better place once and for all.”