According to Rightmove's House Price Index the number of new properties on the market has hit a 6 year low and is down 57% on the same time last year. Rightmove listed 79,000 properties compared to 182,000 in the same period last year. This is the lowest March figure since 2003.

In addition to this, the asking prices on Rightmove have risen 0.9% this month which is an average of £1,918.

The Commercial Director at Rightmove, Miles Shipside said "Some sellers are still pricing wishfully high, though it is encouraging that elements of the market have adapted relatively quickly to find a new price floor at a discount of around 25 per cent from peak. We are seeing a big jump in enquires, looking for those best buys. However, it is disappointingly predictable that the banking sector is still in the early stages of coming clean about its levels of toxic debt, limiting funding for one of the few bright spots of consumer demand in the economy."

"Until banks get their own houses in order, the active minority of sellers and agents who have drastically adjusted pricing will remain frustrated by the limited functioning of the financial services sector."