Number of homes for sale falls to new low

The number of homes on estate agents’ books has dwindled to a new low, according to the Royal Institution of Chartered Surveyors (Rics).

Average property stock levels per branch on agents’ books fell to a new record low of just under 42, as new buyer inquiries, new instructions from sellers and newly-agreed sales continued to drift lower in February, its report said.

New buyer inquiries fell for the 11th month in a row while sales trends have remained similar over the past six months, Rics said.

Meanwhile, the number of fresh properties coming on to the market recorded its lowest reading since May 2017.

For the ninth month in a row, house prices remainedbroadlyflat,with little change.

In what Rics said was “another sign of the increasingly challenging market environment”, the average time for a sale to complete from listing has increased by two weeks over the past year.

At the start of 2017 it took around 16-and-a-half weeks typically to sell a home. Now it takes around 18-and-a-half weeks.

There also continues to be significant regional variations, with new buyer inquiries increasing in Scotland, Northern Ireland and Yorkshire and Humberside in February.