The new government has moved surprisingly quickly to abolish Home Information Packs or HIPs, which should help to loosen up the market by allowing owners to offer their houses and apartments with the minimum of hassle and expense. The fear is that these experimental vendors will not really be serious, but at least they will help to establish a better idea of the true prices of properties in any particular area.

I am optimistic that the influx of properties that is sure to follow the abolition will help fuel the market.

If a property has not been on the market since October 2008 it will still need an Energy Performance Certificate, but these can be got quickly and cheaply (£45 seems to be the going rate) and last for 10 years, so once done it need not be repeated if the house is taken off the market for six months (as a HIP had to be).

We have kept the champagne on ice for the moment, however. If the rumours of a rise in VAT to 20 per cent are correct, this will increase the costs of property transactions by much, much more than the cost of the HIP. The only consolation will be that the huge extra tax burden will affect everyone, not just the longsuffering homeowner.