New figures from search engine Home lay bare the shortage of supply.

Home, which uses data from the main property websites, says that the supply of property for sale was at a record low for September – down 65% when compared with September 2007.

It specifically says new inventory in London, the East of England, and the south east was down by 74%, 74% and 67% respectively compared with September 2007.

It said that the lowest number of properties entered the market in London and the south-east than since before the financial crisis.

The site says asking prices in the south east shot up 7% in the last seven months – more than in Greater London.

Overall, asking prices across England and Wales have risen on an annual basis by 6.9%.

But Home points out that home prices in the north east, north west and Yorkshire have barely moved over the last year – by 0%, 0.8% and 1.3% respectively.

In Wales, house prices have risen only 1.9% over the last year.

Home puts the average asking price across England and Wales at £285,432.