Stock shortage thwarts home-buying activity

"New sellers appear to be pricing more keenly, to improve their chances of getting a quick sale and beating the March stamp duty deadline," says Rightmove.

Savills saw more new-build homes reservations in Q3 this year than in any previous quarter on record, while development land buyers focus on smaller sites.

The pace of property price inflation in the UK has slowed sharply since the EU Referendum. 14% growth since 2016 compares to 28% - double the rate - in the equivalent time period prior to the vote.