The number of homes coming up for sale in Yorkshire and Humber has hit an historic low, according to industry figures.

The figures from the Royal Institution of Chartered Surveyors (RICS) comes as a Huddersfield estate agent warned that the market looked set to slow this summer.

Chris Jowett, of Jowett Chartered Surveyors, said: “We are entering the busy spring/summer market period, but the election may stall demand along with Brexit uncertainty.

“It is still hard for first-time buyers to get on the market as house prices are artificially high. Consequently, demand for rental properties will remain strong, particularly from those in the age range 20 to 35 who find it very difficult to buy their first home.”

The RICS monthly housing market survey said lack of choice for would-be buyers remained an issue with just 3% of respondents reporting an increase in the number of new houses coming onto the market in April.

The region’s estate agents reported an average of 46 properties on their books in April – a new historic low. That compares with an average 70 homes in April, 2015.

Chris Jowett of Jowett Chartered Surveyors, Huddersfield
Chris Jowett of Jowett Chartered Surveyors, Huddersfield

Buyer enquiries rose last month with 17% more respondents reporting a rise in enquiries against 2% in March. Only 3% more respondents expect to see a rise in sales over the next three months. However, the 12-month outlook is more optimistic with 24% more respondents anticipating a pick-up in sales over the full year.

In the lettings market, tenant demand rose moderately over the first quarter of the year*, although momentum appeared to have faded over the past five months. At the same time, landlord instructions dropped in April, continuing a four-month trend.

RICS chief economist Simon Rubinsohn said: “The bulk of the feedback we are receiving points to a fairly flat summer for both activity and prices.

“Lack of stock on the market remains a key challenge for the sector with recent and forthcoming tax changes having a material impact on transaction levels, particularly at higher price points. Uncertainty relating to the forthcoming general election is also highlighted by some respondents as a reason for inertia.

“It is noticeable in the April report that the amount of new rental instructions coming through to agents is continuing to edge lower which is not altogether surprising given the changing landscape for buy-to-let investors. One consequence of this is that rents are expected to continue rising not just in the near term but also further out and at a faster pace than house prices.”