Taylor Vinters - Solicitors

Estate agents claim that there are four house hunters for every available property, according to the National Association of Estate Agents (NAEA).

The monthly NAEA market survey of its members found that the average branch had 299 house hunters on its books in May, up from 265 in April.

By comparison, the average branch reported that it had only 69 properties on its books.

Gary Smith, president of the NAEA, explained that this is "really good news" for the housing market and economy.

He said: "More often than not these [buyers] are also potential sellers who are at the beginning of the process - so there is bound to be a lag which creates a shortage of properties in the short-term.

"With mortgage interest rates at historically low levels and prices now far more realistic than in previous years, home ownership in the UK seems to be set to lead the way out of the recession."

Meanwhile, the average branch sold ten properties - up 30 per cent compared to May 2008.

The Building Societies Association forecasts that property prices will rise by an average of 1.4 per cent over the next year.

Residential property specialist at Taylor Vinters, Clare Martin, comments: "We see a buoyant and a positive feel in the residential property market at the moment with a lot of interested purchasers.

"It should eventually close the circle as buyers become confident enough to put their properties up for sale which should move the market in a more positive direction. We have seen a lot of movement recently and the stagnancy of a few months ago appears to be in decline. It could all change again though if there is an interest rate rise in the near future."