Election 2010: Rush to sell homes before 6 May

Homeowners are rushing to put their properties up for sale in a bid to beat the General Election, surveyors said.

The Royal Institution of Chartered Surveyors (RICS) says uncertainty over the "political direction" of the UK has prompted some would-be sellers to press ahead and put their homes on the market.

RICS says there has been a marked increase in the number of vendors in recent weeks: the jump in the number of sellers was the largest since May 2007.

It says new instructions outstripped enquiries from would-be buyers for the third month in a row.

But the number of buyers stabilised in March, suggesting the outlook for prices has grown poorer.

"With the General Election approaching and uncertainty growing over the political direction of the country, many vendors who were previously inclined to sit on the sidelines now appear eager to put their properties on the market," RICS spokesperson Ian Perry says.

"With stocks increasing and sales decreasing we may see some modest price falls in some regions, although London, the South-east and Scotland are continuing to perform well."

More support for housing will come from the Government's new stamp duty holiday for the next two years for first-time buyers on properties under £250,000.