SELLING up and taking a "leap of faith" will help everyone in the housing market and prevent the recent boom from running out of fuel.

That is the claim of leading local solicitors and estate agents maloco + associates as it responds to some "unexpected knock-on effects" from the past year's property market taking off like a rocket.

One of the main worries is the lack of supply, with would-be sellers not finding a new property to call home.

Michael Maloco, senior partner, explains: "The need for extra space for home-working and an outside space for some R&R (rest and recreation) have been two of the main drivers and from a sellers’ point of view, there hasn’t been a better time to sell since pre-financial crash in 2006.

"Just this week, in fact, the Office for National Statistics (ONS) reported that March had seen a year-on-year rise in the average house price of 10.4 per cent, the biggest increase in 14 years.

"We and other agents have been selling homes for well above asking price and well in excess of home report values. Average sale times in many sectors is counted in days not weeks and closing dates are an everyday occurrence.”

He continued: “We are, however, now seeing some unexpected knock-on effects of all of this activity, the most pronounced of which has been a very noticeable and sudden contraction in the supply side.

"From our discussions with would-be sellers for whom we have carried out valuations, an increasingly common reason we get for not proceeding with a sale is the lack of a suitable property to move to.

"We hear it day after day. The two-bed flat owner who can’t see a three-bed they want. The three-bed semi who can’t see a four-bed detached and the four-bed detached who can’t find a three-bed to downsize to.”

Keiran Newman, senior valuer, is now calling for people to be braver in the market as it would lead to a balance in supply and demand as well as prices stabilising.

“If everyone was that little bit braver and put their home on the market, I could almost guarantee 90 per cent (or more) would find the home they wanted to buy," he predicts.

"It would of course also improve a buyer’s status when themselves offering had they sold as opposed to waiting until the right property does come to market and then having to make an offer which is subject to their own sale and hence often unattractive to, and seen as risky by, the seller.

"If everyone took their courage in both hands and took the leap of faith not only do I think people would find the property they want but it would also mean supply and demand became more balanced and that in turn would mean prices would stabilise.

“It’s also the case that with so many people having lost out at closing dates now on multiple occasions that a good number have become frustrated and decided to improve instead of move. This is further constraining the supply side and leading to what is fast becoming a real shortage of new property coming to market."