As a result, house prices rose by just 0.8 per cent in June, a survey by the online estate agent revealed.
"More property available is good news for buyers, as sellers that need to sell urgently will have to drop their price," Mr Shipside said.
"Ironically those that sought to save a few hundred pounds by avoiding Hips have contributed to a glut of property on the market which will actually cost them money as they will have to discount their prices to sell."
The survey also gave an indication as to the end of the property boom, as for the first time since December 2006 house prices in London increased by less than the national average.
"The end of a boom is also traditionally signalled by a slowdown in London's prices," Mr Shipside confirmed.
Julian King, director of National Homebuyers says it's not just Hips that have caused problems for home-sellers. "The start of the media's negative comments on the property market should be of major concern," he says.
"The national press look only at the big picture and have always hung onto the idea that the property market is booming. With a handful of small pockets like Nottinghamshire and the East End of London stagnating and York's declining property prices it will be hard for the media to keep up their positive outlook.
"We anticipate we will start to see words such as 'negative equity' in column inches very soon."
National Homebuyers is the UK's leading fast purchase property firm, guaranteeing to make an offer to purchase any property, in any condition, in any UK location. The company also offer a sell and rent back solution, where homeowners can release equity in their homes and remain living there as a tenant. Further information is available at www.nationalhomebuyers.co.uk/
