According to the report, buyer demand continued to edge higher while near term expectations indicated activity would gain further traction over the coming months — house prices were also reported to have stabilised at the headline level while RICS also said forward metrics indicated an upward trend may appear later in the year.

Respondents to the survey had reported an increase of 8% in new buyer enquiries in March marking the third consecutive month where the measure has been above zero said RICS.

Despite this, sales remained at a -5% net balance compared with -4% last month — however a net balance of +13% of participants now foresee sales volumes rising over the coming three months, compared with +3% last month — on the 12-month view, a net balance of +46% of contributors envisaged sales activity rising — the number of new instructions also increased by a net balance of +13% over the month.

Jeremy Leaf, estate agent and a former RICS residential chairman, said: “Buyers and sellers are emerging from an extended hibernation, which resulted in a subdued market for much of last year.

“Better weather is coinciding with much more interest than we have seen for several months.

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"However, the increased choice of properties is making it more difficult for buyers to make up their minds as they worry about missing out on an alternative.

“As a result, decision-making is more protracted and bargaining is harder so sales are taking longer.

“Prices are firming up but concerns about affordability are keeping a lid on sellers who think that more viewings will lead to much higher values.”

Daniel Austin, CEO and co-founder at ASK Partners, commented: “The property sector is in recovery as the outlook has considerably improved.

“Rent values have seen sustained growth, positioning real estate as reasonably valued in comparison to gilts and presenting growth potential.

“In the realm of commercial real estate, factors like physical condition, location, and age significantly influence a property's value.

“Well-maintained properties boasting modern amenities tend to command higher prices, while neglected ones may struggle to attract tenants or investors.

“In the current market, the emphasis has shifted towards the importance of location and quality over the yield on debt or cost — we anticipate opportunistic acquisitions of prime properties in prime locations.”