The number of available properties available on the market has fallen to its lowest level since 2002.
According to the National Association of Estate Agents, the number of properties available to buy on estate agents’ books dropped from 37 in June to 35 in July
Demand has also fallen, with the number of people looking for properties down 10% from 384 per branch in June to 347 in July.
This is the lowest number since November 2016 when 344 potential buyers were registered per branch.
The proportion of sales made to first-time buyers also fell from 30% in June to 23% in July.
Only 3% of properties were sold above asking price in July, while the number of homes sold for less than asking price rose to 80% last month – the highest level since December 2016.
Mark Hayward, chief executive, NAEA Propertymark said: “It is natural for the market to dip in the summer and then recover. We usually see a subdued July and August, and then a boom in September with an influx of new properties coming onto the market, it remains to be seen whether this year is typical.
“We’d also expect to see the number of house hunter increase, as buyers strive to complete sales before the winter kicks in.”
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