The number of properties for sale in England and Wales has fallen to a new low, according to property website Home.co.uk.
The organisation’s latest house price index calculates that there are now 45% fewer properties for sale than in November 2007, making this a new post-financial crisis low.
The index puts the average rate of annual growth in England and Wales at 7.3%, although Home suggests that almost all of this growth has occurred in London and the surrounding areas.
The property supply, demand imbalance is being most keenly felt in Greater London, South East England and the East of England, the figures suggest.
Over the past year, average asking prices in London, the East and South East of England have increased by 12.5%, 9.8% and 9.4% respectively.
Meanwhile, the number of properties coming on to the market in the same regions is down by 15%, 13% and 10% respectively.
The research points out that house prices in many regions outside of the south eastern hotspots are continuing to ‘stagnate’.
House prices in the North East are the same as this time last year, while those in the North West and Yorkshire have grown by just 1.2% and 1.9% annually.
