The latest Experian index found a total of 229,939 properties for sale in the first three months of the year. This is 5.2% more than a year ago and is the highest level recorded in five years.

However, these figures hide a decline in affordable housing. The number of homes for sale valued at less than £100,000 has dropped by 2.9% and those valued between £100,000 and £250,000 has slumped 2.5%.

High end properties valued at more than £500,000 increased by a fifth compared to last year. Homes valued between £250,000 and £500,000 also increased by a similar amount with the changes to stamp duty stimulating these sectors of the market.

The South East saw more properties come onto the market than anywhere else with 30,783 new homes for sale. Scotland and Wales were the only areas to see supply decrease. In Scotland there were 7.2% fewer properties than a year ago while Wales suffered a more modest 0.7% drop in the same period.

Jonathan Westley, managing director of consumer information services at Experian UK & Ireland, said: “The dismantling of last year’s supportive housing schemes and stricter lending criteria in place mean that for many of the people looking for more affordable housing, demonstrating their eligibility for mortgages is going to be key.

“Mortgage applicants must show themselves in the best light to lenders, for instance having a strong credit score, and it is just as important for lenders to support borrowers through the process as best they can.

“Lenders must ensure they fully understand the applicant’s individual circumstances, particularly their ability to manage the repayments now and in the future, before granting a mortgage.”