Demand has continued to climb, however, as the average number of house hunters registered per estate agent branch stood at 511 in October, a 12% increase from 458 September 2021, and a 13% increase from 451 in October 2020.
The number of sales made to first-time buyers remained steady at 25%, falling slightly from 28% in September, and the number of buy-to-let sales increased from 9% in September to 13% in October.
There is currently an average of 24 buyers per available home on the market.
Activity slowed in October but remained steady, as estate agents reported an average of eight sales agreed per branch, a 32% decrease from 11 in September.
In October, 55% of properties agreed sales at the original asking price.
Despite demand, for the second consecutive month the number of sales being agreed at over asking price has fallen.
Properties agreeing sales at over the asking price has dropped to 21% in October from 27% in September.
Nathan Emerson, chief executive of Propertymark, said: “Figures from October show a continuing picture for the housing market which is unsustainable.
“Estate agents across the country are working with some of the lowest levels of available homes we have ever seen yet demand from buyers is not easing.
“Heading into the festive period should take some of the heat out of the market as we know that usual market trends see a decrease in activity as people turn their attention to Christmas.
“However, with so many buyers still hungry for their new home, sellers would do well not to put moving plans on hold for too long.
“What we need to see in the new year is a gentle levelling out, which could be driven by new year motivations delivering new sellers or changing interest rates taking some of the mounting energy from buyers.”
