The firm also reported more of what it called ‘an overall air of positivity’, with other pieces of data such as 94% of members claiming the number of lots achieving their reserve price stayed the same or increased in Q1 2024 compared to Q4 2023.

Meanwhile, 39% of members also said that the number of lots exceeding their reserve price increased significantly in Q1 2024 compared to the previous quarter.

However, members also reported challenges, such as staff shortages and issues recruiting experienced and qualified staff, while managing client expectations was an issue with gaps emerging between what sellers and buyers expected.

However, according to Propertymark, the biggest issue faced by members was in securing ‘good stock’ for sale.

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Richard Worrall, president at NAVA Propertymark, said: “2024 has started well. In the residential and commercial property sectors, there seems to be a return of confidence, probably helped by the hold in interest rates.

“Catalogue numbers remain strong and registered bidder levels are also high, results from early sales this year show a strong appetite for well-priced properties of all types with buyers out in force for good quality properties.”

Nathan Emerson, CEO at Propertymark, added: “It is encouraging to see our members’ performance improve in tandem with the overall economy.

“Despite this, challenges remain, including increasing costs — our members are also working hard to manage the expectations of buyers and sellers to secure new lots.

“Overall, our members are cautiously optimistic about the remaining 2024 outlook.”