Rightmove has reported that there was a modest increase in new sellers’ average asking prices in May.The figure of £237,134 was up by 0.7% (£1,622) on April’s figure of £235,512.

It said there was a surge of new sellers just before the election, which represented the highest weekly figure since June 2008.

However, Rightmove warned there was a sharp rise in unsold stock, with the annual rate of increase dropping to 4.3% as increased stock level begins to exert downward price pressure.