New property instructions in London rose 9.5% on April 2014 and 7.2% annually, estate agent Haart has reported.

The number of new buyers coming to London market fell, down 6.1% on the month, 2.6% annually.

Nationwide, new property instructions were also up strongly on the month, by 6.3%.

Haart said that UK first-time buyers rose 11.2% annually. Meanwhile, UK property prices remain flat on the month at £200,707 but increases 9.2% annually. London property prices rose 22.9% annually to £490,077.

Paul Smith, CEO of Haart, said: “At last stock is coming to the market with new homes for sale in London surging 9.5% on month in May and 7.5% annually. Sellers are now keen to capitalise on recent house price rises and lock into continuing low interest rate mortgages. This is a significant factor in freeing up the 18 month log-jam of supply. Buyers and sellers across the board will benefit and encourage fluidity in all price brackets. The UK as a whole has also seen a 6.3% monthly surge in new property instructions.

“Our analysis shows the effect on property prices to be relatively steady with no discernible change in UK property prices on the month. We are now starting to see the market self-correct – rather than rapidly deflate. Annual price growth remains strong, but let’s not forget that regional property prices are still below their peak 2007 levels.

“The appetite to buy remains high with the volume of new buyer registrations across the UK up 3.8% annually with first time buyer registrations up 11.2%. If there is more rumour and conjecture over interest rates and a fall-out from MMR demand levels could be dampened.”