Housing at crisis point
The number of properties available per NAEA branch reached an 11-year low in August – as there were just 38 houses available compared to 55 in July. The last precedent for such a low number was in January 2004, when 38 homes were available.
Hayward 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 11 house hunters fighting after every available house which isn’t sustainable.
“First-time buyers are finding themselves being squeezed out of the competition, which of course means it’s taking young buyers longer to get their foot on the first step of the ladder, which will in turn increase pressure on the rental market.”
House hunters fell by 12% in August, while first-time buyer sales fell to the lowest level since July 2014.