The latest data from HMRC shows that on a seasonally adjusted basis, residential transactions in February show a second consecutive month-on-month increase, rising 1% from 81,930 in January 2024 to 82,940 in February 2024.

However, year-on-year, seasonally adjusted residential transactions remain 6% lower than in February 2023 and non-seasonally adjusted transactions are down 3%.

Commenting on the latest numbers Jackson-Stops chairman Nick Leeming said: “Whilst today’s figures show signs of stability, recent falls in inflation and the expectation that the Bank of England will cut the base rate in May is paving the way for a spring bounce.

“Home movers are 17% more active than this time last year according to our own national network of offices, indicating a potential uplift to come in the months ahead. The return of sub-4% mortgage rates and a notable uplift in supply is giving buyers greater choice, and affordability is also expected to further improve as the year progresses”.