Research from Experian showed a 19.6 per cent increase in properties valued over £500,000 coming onto the market during the first three months of the year, compared to the same period in 2013.

This was most keenly felt in the West Midlands region with 33.4 per cent more high value properties on the market than a year ago.

This figure outstrips the 28.6 per cent rise seen in the capital city during the same 12 month period.

This leap in high value properties meant the overall level of housing stock for sale grew to 6.7 per cent, although the number of properties valued between £100,000 and £250,000 increased by just 2.6 per cent.

The number of houses in the more affordable categories fell dramatically in London with a 13.7 per cent drop in properties worth less than £100,000 coming onto the market and a 28.6 per cent fall in homes worth between £100,000 and £250,000.

Jonathan Westley, managing director of consumer information services at Experian, said: “Only the Midlands and the North of the UK continued to see increases in the number of houses being listed for sale at less than £100,000 in quarter one.

“The North East, in particular, is estimated to have benefited the most of all regions from the government’s Help to Buy scheme, which could explain its favourable performance as sellers are tempted into the market in the hope of benefiting from rising prices.”