According to a recent survey compiled by Hometrack, prices have once again fallen for the 10th consecutive month. The market has begun to stabilise due to an increase in the number of buyers. However, a considerable oversupply of property still hangs over the market.

The amount of time it takes to sell a property remains stable at 7.4 weeks this month, but the average number of viewings per sale has decreased to 12.4 from 13.2.

The average price of a home as calculated by Hometrack is now £162,100, down from a peak of £167,700 in June last year.

Regionally, 14 counties reported price rises and 13 remained static. However, 31 saw prices fall.

The most improved areas were central London and the City (+0.6%), West Midlands (+0.6%), Dorset (+0.5%), north London (+0.3%) and Wiltshire (+0.3%).

The largest price falls were in Bedfordshire (-0.7%), Gloucestershire (-0.5%), Surrey (-0.4%), Oxfordshire (-0.4%) and east London (-0.4%).

John Wriglesworth, Hometracks housing economist, said that the market remained in the doldrums at the moment because of the excess of supply over demand. But he predicted it would pick up after the election on May 5.