The number of houses available to buy in March was at an average of 37 per estate agent branch, the lowest recorded for the month, according to NAEA Propertymark.
This comes despite a 9 per cent swing upwards from the 34 per branch seen in February.
Demand also increased on a monthly basis, from an average of 252 registered house hunters per branch to 296. Looked at annually, however, this echoes the supply trend in being the lowest recorded level of demand for March since 2013.
In March 2018, there were 308 would-be buyers registered per branch on average.
The data also details that sales to first-time buyers fell slightly on a monthly basis, from making up 30 per cent of sales in February to 26 per cent, unchanged when compared to March 2018.
Additionally, the number of sales agreed per branch was also unchanged from the seven recorded in February – but down from the eight seen in March 2018.
NAEA Propertymark chief executive Mark Hayward says: “Despite the fact that activity in the housing market increased in March, the levels of supply and demand recorded are not where we would expect them to be at this time of year.
“It is 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.”