One of the UK's leading property auctioneers says the impending stamp duty hike due to come into force in April has been the major driver behind a record rise in lot entries this month.

Auction House, which has a branch in Chipping Sodbury, South Gloucestershire, says that 703 lots have been entered in its first round of auctions between 28 January and 26 February – a 13% rise compared to the same period last year.

Auctioneer Nick Cragg spoke of the boost in entries and said: "The Chancellor's introduction of an additional 3% stamp duty for investors and second-home owners has sent an adrenaline rush through the market.

"We have worked hard to publicise the short window that he created for sellers and buyers, and this has certainly helped boost entries into our February auctions".

"Whilst the precise details won't become available until the Budget is unveiled next month, canny purchasers are realising that buying now prevents them being caught out by the tax surcharge, whatever form it may take."

Recent reports have suggested that buy-to-let landlords are poised to sell 500,000 homes in the next year, followed by another 100,000 expected to be sold each year until 2021.

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