January saw a sharp increase in the number of properties coming onto the market, says Propertymark.

It says that the number of new instructions per member estate agency branch rose from five in December 2021 to nine at the start of this year.

This is an 80% increase after three months of sequential decline.

However, registrations by house hunters per branch also rose by an average of 100, so demand is still high.

The Propertymark report adds that 37% of properties sold above asking price in January compared to 25% in December 2021.

In January 2020, just 9% of properties sold above asking price.

Propertymark chief executive Nathan Emerson says: “Our latest housing market report paints the positive picture that our member agents have been hoping for, which is the much-needed increase in the number of properties coming to the market.

“There is certainly no let-up in demand, but the supply line appears to be recovering at a quicker pace and edging towards a rebalancing of the market.

“This is welcome news on the back of stock levels that had declined to record lows throughout last year against the backdrop of escalating demand.

“Our figures coupled with those published elsewhere do also point to a slight cooling in house price rises.

“But we remain in a strong sellers’ market and anyone thinking about selling should act now with confidence as we head towards spring which is traditionally a busy time.”