Housing stock is the highest in three years as sellers try and avoid HIPs

Estate agents have recorded an average 10% rise in stock, the largest in three years, as sellers rush to avoid the introduction of HIPs.

The sharp rise in properties coming on to the market has kept a lid on property inflation with prices rising 13.2 % from mid-May to mid-June, compared to the four-year highs of 15 % in March/early April.

For sale signs

Property web site Rightmove said house prices in London rose more slowly then in the rest of the UK, up by 0.7% compared with 0.8% of the country as a whole.

Miles Shipside, Rightmove's commercial director said: "More property available is good news for buyers, as sellers that need to sell urgently will have to drop their price,

"Ironically those that sought to save a few hundred pounds by avoiding the home information packs have contributed to a glut of property on the market which will actually cost them money as they have to discount their prices to sell."