As demand continues to outpace supply, there are currently an average of 24 buyers per available home on the market.
In its October report, the trade body reports that the number of available properties per branch has fallen to 21, the lowest figure ever recorded and 46 per cent down on the same month last year.
At the same time, the number of registered buyers has climbed to 511, up 12 per cent on September. Year-on-year, registered buyers have risen by 13 per cent.
Average sales agreed have decreased by 32 per cent between September and October to eight per branch, but remain in line with pre-pandemic levels of business.
The number of sales made to first-time buyers remained steady at 25 per cent, falling slightly from 28 per cent in September.
Just over half of all agreed sales in October were for the original asking price. The number of sales being agreed at over the asking price has fallen for the second consecutive month.
Properties selling for more than the the asking price dropped to 21 per cent of all agree sales in October from 27 per cent in September.
“Figures from October show a continuing picture for the housing market which is unsustainable,” said Emerson.
“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.”