Half of the respondents in a new survey who indicated they were delaying their purchase said they need to save extra money to pay the increased rate of stamp duty.

Richmond was the most in-demand area of London's prime market during the first three months of the year, while Wimbledon proved to be the most in demand for super prime properties.

The National Residential Landlords Association has warned that greater clarity is needed surrounding when measures in the Renters’ Rights Bill will take effect.

The society has also announced the launch of a new residential expat product as it seeks to provide more support for borrowers requiring greater financial security.

The loan, provided at 70% LTV on a 12-month term, is expected to be repaid through the sale of the property.

The development comprises nine three and four-bedroom homes on the site of a former scrapyard.

As well as rising rents, March also saw an increase in void lengths, rising to 21 days from 20 in February.

The initial cost of moving home has increased by as much as 13% over the last year alone

The property consultancy raised over £58m through back-to-back March residential and commercial auctions

There are now 14,000 completed SFH homes, with a further 13,000 under construction.