The number of new properties coming onto the market rose by 34% following the HIP suspension, according to Countrywide.

This represents a 68% increase on the same week last year. This increase has seen the number of new properties reach levels not seen since September 2007 – the same month that HIPs were extended to cover three bedroom properties.

The latest figures also reveal that sales jumped 8% on the previous week, the highest weekly volume since February 2010.

Robert Scarff, managing director of Countrywide’s estate agency division, said: “The results speak for themselves and show that the timing of the suspension of HIPs was crucial. This decision has provided homeowners with the incentive they need to put their properties on the market. Those sellers that were in two minds are now doing so and causing a big spike in activity for agents.”””