The number of home sales agreed hit a ten-year high in February, NAEA Propertymark members have reported.

The trade body’s February housing report found there were 11 sales per branch during the month, the highest since September 2007.

Almost three-quarters of sales were for below the asking price, which the report suggests was down to sellers taking a “pragmatic approach”.

While sales were up, the proportion to first-time buyers actually dipped from 30% in January to 22% during February.

However, the number of properties available to buy on estate agents’ books increased to 44 in February, up from 38 in January and 35 at the same time last year.

Demand remained flat despite the increasing supply, at 425 registered buyers per branch.

Mark Hayward, chief executive of NAEA Propertymark, said: “The number of sales agreed reaching a ten-year high indicates the housing market is moving in the right direction.

“However, first-time buyers need to be a priority – the number of sales made to the group dipped in February when it should be growing.

“As house prices continue to rise, the market’s most vulnerable buyers are being priced out and the only way to address this is to increase housing stock.

“The Government has pledged yet again to build more homes, but our members aren’t feeling optimistic about the plans.

“If promises are kept and we see construction sites set up across the UK, we’ll be in a better position in a few years than the stark reality we will be facing if this doesn’t happen.”