This sharp rise in buyers comes despite property prices in the capital rising by almost a quarter (23.6%) since this time last year. The average property price in London now stands at £474,359, an increase of £90,450 on this point in 2013.

There has been a small increase in the number of new properties reaching the market with 6.4% more homes available than a year ago. Despite this the number of buyer viewings is on the wane as house hunters are forced to snap up properties quicker than previously.

Across the UK, property prices have increased 7.9% annually to hit an average of £191,375.

Paul Smith, CEO of haart, said: “Home owners across the UK, who have on average accumulated equity of over £14,000 in their property over the past year, are expected to take advantage of their growing assets by remortgaging or downsizing this spring. The downsizers will ease the current shortage of supply which will help to quell rising house prices.

“The increase in equity is now more than £90,000 annually in London. The UK market is buoyant with property sales up by 21.3% and new buyer registration up 32.3%. First-time buyers are undeterred by property price rises and are now at their highest level in London over the past 12 months as banks continue to support lending to this group of buyers.

Smith also echoed calls made earlier in the week to change the existing Stamp Duty structure.

“The Chancellor’s deaf ear to the myriad of calls from industry to reform Stamp Duty in the Budget is at best disappointing and at worst will perpetuate a dysfunctional housing market. In one fell swoop he could have increased the supply of homes for sale and capped rising house prices helping every level of the housing ladder. Instead he’s turned a blind eye and given nothing to the majority of homebuyers and sellers rather than throwing them a lifebelt.”