Buyer surge boosts property market

House prices remained subdued in February despite a big increase in the number of potential buyers registering with estate agents, a new report has claimed.

Greater London was the only region to experience any kind of price rise, with a lift of 0.1%, according to figures released by property analysis business Hometrack.

The statistics also revealed that estate agents recorded an 18% rise in registered buyers during the month, the biggest increase since February 2007 (23%) and a figure which provides hope to home insurance firms as well as the property industry.

A surge of first-time buyers looking to secure a property ahead of the end of the stamp duty holiday in March has been credited for the figure, with analysts warning it could be an "artificial boost".

Estate agents in the South East revealed the biggest rise in first-time buyer numbers, with a 28% increase, while there was a surge of more than a fifth (22%) in the South West.

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