Rise in houses for sale
New figures suggest that the amount of people putting their houses up for sale has reached a level not seen since 2007.
According to an influential survey conducted by Royal Institution of Chartered Surveyors (RICS) new instructions from sellers in March had outstripped enquiries from would-be buyers for the third month in a row.
RICS spokesperson Ian Perry said that with the general election approaching and uncertainty growing over the political direction of the country, many vendors who were previously inclined to sit on the sidelines now appear eager to put their properties on the market.
The growing buoyancy in the housing market has been compounded by the Council of Mortgage Lenders (CML) which has said the number of new loans granted to home buyers in February was 12% higher than the previous month.
The number of new mortgages granted in February was not only higher than in January, but 49% up on a year ago, when the market was at its most depressed in the wake of the banking crisis.
Chris Stops from Heywoods said the figures are great news for the industry as it stimulates the market and offers greater choice for house hunters.