Supply up 7.3pc in buyer’s market

Currently 9.5 buyers are chasing every property for sale, down from 14.4 in January 2014, while the volume of new buyers has dropped by 2.8% annually.

This trend is most pronounced in London, as the number of new buyers fell by 15.7% while supply soared by 32.3%.

Paul Smith, chief executive officer of haart, said: “The second half of 2014 marks a shift in favour of buyers as healthy volumes of stock return to the market.

“Many homeowners are adopting a now or never attitude to take advantage of the continuing strength of the market having seen their equity rocket over the last year at a time when mortgage deals with decent loan to values are still available.

“Interest rates are to remain at historic lows until the start of 2015 at least and this is helping wider confidence.

“At the start of this year demand for homes was growing at a far greater rate than property supply but this trend has flipped and stock is coming to the market in healthy levels.

“As positive market sentiment continues this year, and people return from their summer sojourns, we fully expect a busy autumn with a higher volume of sales transactions.”

National property prices have increased by 8.1% annually to August to £204,216.