Land Registry data

Housing market is at ‘crisis point’

The supply of residential properties for sale has slumped to its lowest level for 11 years, stoking fears that the growing housing shortage will continue to dive up home prices. Fresh data released by the National Association of Estate Agents (NAEA) reveals that the volume of properties available to buy per estate agent branch fell to 38 in August, down 31 per cent on July’s 55. This is the lowest level of supply recorded since January 2004, when 38 properties were also available. August also saw a dip in the number of house-hunters registering with agents, with an average of 408 applicants registered per member branch, compared to 462 in July, owed in part to the fact that many people were away on their summer holidays. Mark Hayward (left), Managing Director of the NAEA, said, “We’ve been banging the drum about the dwindling supply of housing for a while and this month’s report reiterates what we’ve been saying – there simply aren’t enough houses to match demand and we’re reaching crisis point. “There are now eleven house hunters fighting after every available house which isn’t sustainable.” The data also shows that the number of sales completed in August rose by…