The report identified population growth, unemployment rates and household formation as key contributing factors for residential demand.

The number of new listings from sellers is at its most positive since September 2020.

The number of new prospective buyers registered increased in March.

Sales are continuing to rise in 2024, but remain below the levels seen in the previous year.

Buyer enquiries continue to rise, with new listings activity also picking up.

Momentum appears to have stalled with fewer buyers registered in February 2024 than in February 2023.

Sales agreed are up 9% compared to a year ago.

The start of 2024 also saw an 80% increase in the number of properties coming to market.

However, transactions saw the first month-on-month increase since August 2023.

£154.7bn worth of property was sold in 2023, an annual reduction of 48%.