The residential property market has become ‘unsustainable’ due to the widening supply-demand imbalance, according to the head of Propertymark.

The trade body reports that an average of 511 buyers registered per estate agent branch in October, up 12% month-on-month.

But there were just 21 available properties for them to buy – the equivalent of one property for every 24 purchasers.

This was the lowest figure on record, and a 46% drop compared to October last year.

The shortage of properties for sale led to a 32% drop in sales agreed. Overall, there was an average of eight sales agreed per branch last month, down from 11% in September.

In October, 55% of properties agreed sales at the original asking price. But despite high demand, for the second consecutive month the number of sales being agreed at over asking price has fallen.

Properties agreeing sales at over the asking price dropped to just over a fifth – 21% –  in October, from 27% in September.

Nathan Emerson, chief executive at Propertymark, said: “Figures from October show a continuing picture for the housing market which is unsustainable. Estate agents across the country are working with some of the lowest levels of available homes we have ever seen yet demand from buyers is not easing.

“Heading into the festive period should take some of the heat out of the market as we know that usual market trends see a decrease in activity as people turn their attention to Christmas.

“However, with so many buyers still hungry for their new home, sellers would do well not to put moving plans on hold for too long.

“What we need to see in the new year is a gentle levelling out, which could be driven by new year motivations delivering new sellers or changing interest rates taking some of the mounting energy from buyers.”