But-to-let landlords thinking about expanding their property portfolio will find that the sustained drop in the number of new homes for sale reported by estate agents has continued to fall steeply.
According to NAEA Propertymark, the flow of new sales listings coming to market contracted to an all-time low in March.
An average of 37 properties were available to buy in March, down from 34 in February, while the number of house hunters registered per estate agent branch rose by 17% in March, from 252 to 296.
This supply-demand imbalance is likely to shore up property prices moving forward.
The number of sales agreed per member branch remained at seven in March, the same level reported for the previous two months. Year-on-year, it was down slightly from eight in March 2018.
Mark Hayward, chief executive, NAEA Propertymark, commented: “Despite the fact that activity in the housing market increased in March, the levels of supply and demand recorded aren’t where we would expect them to be at this time of year.
“It’s clear buyers and sellers are still feeling cautious and holding off on making any decisions in light of the current political climate and economic uncertainty. However, recent house price data indicates we might see confidence in the market grow as house prices slowly begin to return to previous levels and we edge closer to the summer months.”