New property listings on Rightmove plummeted by 21.5 per cent across the UK in November according to an analysis made by online estate agency HouseSimple.
After three months of small rises, new property listings fell by as much as 42.6 per cent in one location - Bath - which according to Rightmove saw only 135 new properties listed in November, compared to 284 back in June.
West Midland locations Worcester and Solihull saw new property listings drop 41 per cent and 39 per cent respectively in November.
Chichester and Salford were the only towns in the UK to see an increase in new property listings in November compared to October, with rises of 14.8 per cent and 11.6 per cent respectively.
According to Rightmove figures, Bootle and Swansea have seen the biggest swing in property supply in the past two months, with October seeing a 47.4 per cent and 36.6 per cent rise respectively compared to September - but then followed by a 35.1 per cent and 23.9 per cent fall respectively in November.
London has seen a dramatic drop in new property listings in November with supply down 21 per cent compared to October. Richmond upon Thames was worst - down almost a third (31 per cent) while Bromley and Hillingdon each had a 30 per cent drop.
No London borough saw an increase in new listings in November.
Alex Gosling, HouseSimple chief executive, insists this indicates more than just a seasonal drop-off.
“The total number of new property listings in November across the UK was just over 65,000 - that is nearly 20,000 less than in October. The drop off is too dramatic to be simply attributed to seasonality factors alone” he claims.
“The government has implemented several schemes to help people get onto the property market ... however, they aren’t addressing the supply shortage, and if there are no homes to buy, these schemes are just window dressing.”