The number of new homes coming onto the property market has risen by 5.2% since last year, a volume not seen in five years.

Rise in the high-end market

Figures from Experian’s Property Index reveal that for the first quarter of this year, 229,939 new homes came on the market - the highest since the equivalent quarter in 2010.

The rise is attributed in part to a 20.4% increase in the number of high-end properties (those valued over £500,000) hitting the market.

For houses priced between £250,000 and £500,000, there was a 17.4% increase.

Experian puts the increase in high-end properties down to changes in stamp duty thresholds that came into effect in December.

Stephanie McMahon, Head of Research at Strutt & Parker, said: “The more property tax favourable approach of the Conservative party should help increase confidence for those buying and selling homes over £1.5m across the UK.”

Drop in lower-priced homes

The picture at the other end of the market was very different, with a fall of 2.5% in the number of homes valued between £100,000 and £250,000.

There were similar drops - 2.9% - for homes valued under £100,000.

Looking forward, Jonathan Westley, Managing Director of Consumer Information Services at Experian says the ending of various housing schemes, plus stricter lending criteria, could affect those looking for more affordable homes as they will need to demonstrate their eligibility.

Mortgage applicants now have to demonstrate a strong credit score. Lenders are also obliged to make sure that people can afford their repayments before granting a mortgage.

Regional differences

In the South East, 30,783 new homes came on the market, which is a 6.8% increase on last year.

The Outer Metropolitan region saw a 14.8% rise to 8,253 houses for sale. The North West also saw big rises of 14.1% to 29,319 properties.

In fact, it was only Scotland and Wales that saw drops - 7.2% and 0.7% respectively.

Scotland did, however, report a rise in the number of high-end homes coming onto the market with a rise of 31.4%. These numbers though were still relatively small at just 402 homes.

Yorkshire and the Humber’s high-end market also performed well, with a 25.5% increase.