The imbalance between demand and supply of homes is the worst since 2013 as “frustrated” buyers scramble to meet the stamp duty deadline at the end of the month.
Estate agents reported supply of sellable properties dropped dramatically in May. The issue has compounded by sellers reluctant to come to market in case they cannot find another home to buy.
With properties being snapped up within days of coming to market and often selling for over asking price, buyers with less capital to wield, such as first-time buyers, could struggle to find a foothold.
The gap between new buyer enquires and new sales instructions is the widest in eight years, according to the latest poll by the Royal Institution of Chartered Surveyors, a professional body.
Simon Rubinsohn, of Rics, said: “The drying up of second hand stock on the market is likely to have a knock-on impact on first-time buyers…