Propertymark has reported that the housing stock has been steadily declining since January.

Its latest report shows that an average estate agency branch has approx. 23 properties, a 38% decrease from June 2020 and June 2019 and a 40% decrease since January 2021.

However, demand remains high with around 19 buyers per property and Propertymark says that the market desperately needs more stock.

Agents say the pattern of sellers too nervous to enter the market is reminiscent of 2008.

Nathan Emerson, Propertymark CEO, said: “Sellers have seen the headlines about the huge demand and are nervous about joining the market and selling quickly with nowhere to go.

“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.”