Average time to find a buyer is now 71 days - the longest at this time of year since 2019 due to optimistically-priced sellers.

Economist Ruth Gregory says mid-summer may be the earliest agents will see a reduction in the Bank of England's base rate.

Data from HMRC shows property transactions fall for the third consecutive month, with an annual drop of 22%.

On the back of the interest rate hike, landlords are calling for the reintroduction of mortgage interest relief in full and for housing benefit rates to be unlocked.

The trend is consistent across the property market, with a less negative view among new buyers reported, in every region when compared to January.

House prices fell again in January from August's high as growth is stalled by a lack of cheap mortgage deals.

House prices in the UK fell by 1.5% in December – the fourth consecutive drop but pulling back from November’s 2.3% decline, latest figures from the Halifax reveal.

Nationwide says cheaper mortgages will help the housing market in 2023 and avoid forced sales from mortgage defaults.