The UK housing market is facing a shortage in the number of houses for sale like no other time in recent memory. It has been 11 years since buyers were this limited by the number of choices for their next residence. The number of houses for sale is now at a 30% reduction since this time last year.

Some estate agents are now referring to this market as being on the edge of a crisis. According to the National Association for Estate Agents, house selling agents are now scrambling to sell properties which simply are not there in number. The average number of properties handled by each agent has now fallen from 55 in July to 38 in August.

The shortage in the number of houses for sale is one factor relating to higher prices which is a pervasive issue within the housing market and one which is not heavy on solutions. Buyers are facing challenging times affording the deposit on homes, but first time buyers are even worse off. They are facing an inability to gain the first rung on the property ladder.

Mark Hayward, managing director of the NAEA, commented on the latest data regarding the current shortage of houses for sale, saying: “There simply aren't enough houses to match demand and we're reaching crisis point.

“There are now 11 house hunters fighting after every available house which isn't sustainable.”

Hayward continued: “First-time buyers are finding themselves being squeezed out of the competition, which of course means it's taking young buyers longer to get their foot on the first step of the ladder, which will in turn increase pressure on the rental market.”