The average number of homes for sale per estate agency branch has shrunk by 40% since January, according to a report.
On average, estate agency branches now had around 23 properties for sale in June, marking a 40% decrease compared with January 2021, Propertymark, an association representing estate agents across the UK, said.
Demand remains high, with an average of around 19 potential buyers for every available property on the market, it added.
It said a pattern of sellers being too nervous to enter the market is reminiscent of trends seen back in 2008.
Nathan Emerson, Propertymark chief executive said sellers “are nervous about joining the market and selling quickly with nowhere to go”.
He added: “Firstly, if you are serious about buying in the current market it’s all about being in a position to proceed.
“Very few people can buy without selling, so having a buyer waiting gives you an edge over those you may be competing with.
“If you wait to find a property before putting your house on the market, the likelihood is the property will already have been sold by the time you secure an offer.
“It’s also important to remember that the average time being taken for a sale is around 16 weeks to exchange, that’s four months, and the likelihood of not finding an onward property in that time is very small.”
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