'Faster' property sales occurring

Faster property sales and a stabilisation of house prices have been noted, according to a UK-based property expert.

James Hyman, partner for residential sales at Cluttons, said that this has been prompted by "heightened competition for quality properties" in the country.

It could mean that those looking to sell their houses will not have to keep their properties on the market for a long period of time.

Mr Hyman's comments came on the back of the Royal Institution of Chartered Surveyors' latest housing survey, which indicated that new buyer enquiries increased in April.

He said due to a shortage of homes for sale, vendors should ensure they market their homes to people who are taking advantage of the historically low interest rates.

Last week, the Bank of England's monetary policy committee opted to keep interest rates at 0.5 per cent - the third month in a row that the base rate has been at this level.