Housing supply slumps 15% to ten-year low: Rightmove

Despite falling supply, the number of sales agreed is down by just 2.9% compared to this time last year.

Larger properties with four bedrooms or more are the most active sector, with just 1.4% fewer sales agreed compared to 2018, as buyers benefit from a 1.2% fall in prices.

Across the UK, the price of newly marketed properties fell by 1.3% on the month, with the East Midlands the only region of the UK to see a monthly increase.

Prices in London saw a 1.4% monthly fall and are down 0.8% year-on-year. Tower Hamlets has seen the largerst annual increase at 3.5% compared to a drop of 6.1% in Richmond at the other end of the table.

Marc von Grundherr, director of Benham and Reeves, commented: “A seasonal slump in asking prices is always to be expected at this time of year, but the drastic reduction in the number of homes on the market indicates that many sellers have already gone into home selling hibernation. With next month’s election, many sellers will no doubt choose to remain there until the dust of political uncertainty has settled in the New Year, despite buyers continuing to tough it out.

"As always, regional differences are apparent with the East Midlands the only area to buck the month on month trend of a fall in asking prices, while on an annual level we continue to see notable swings in growth across the nation. This is largely down to affordability in tough market conditions and the price sellers are willing to accept with the less affordable areas seeing the largest adjustments in order to secure a buyer.

"London continues to see some of the largest annual declines in price but the granular nature of the capital’s property market means that not everyone is feeling the chill. While the market has frozen over in some boroughs, others are performing well and the varied nature of the London landscape is evident in a seven percent monthly swing between Tower Hamlets and Haringey. A one percent difference for every mile between them.”