Nathan Emerson, CEO of Propertymark, said his organisation is “optimistic” that the “peak of turmoil” in the property market has passed.

However, he added that the industry “must remain vigilant” because “recovery does take time”.

Reflecting on Nationwide figures showing house prices fell 1.8% over the course of last year, Emerson acknowledged that the last 12 months had been “challenging” for the housing market.

He said: “We have seen high inflation and elevated interest rates. This harsh mix without doubt has translated into people approaching the market with a more cautious mind.

“That said, over the last few months we have seen initial positivity starting to return, with inflation steadily coming back down and interest rates holding steady.”

However, Emerson also expressed some concerns for the market in 2024. “It’s important to remember aspects such as almost 1.4 million households across the UK have a fixed-rate mortgage deal which will come to an end across the next 12 months,” he said.

With chancellor Jeremy Hunt’s Spring Budget now set for 6 March 2024, Emerson wants to see housing play a “pivotal role”.

He said: “Beyond all else, a robust housing plan is the underpinning of every community across the entire UK.

“It is vital momentum remains switched on to ensuring the supply of quality homes always matches demand.”

According to Emerson, the government needs to announce “forward-thinking strategies” that support “all sectors of society, from first-time buyers all the way to long-term renters”.

While acknowledging that there can never be a “one size fits all” solution to housing issues, the Propertymark CEO said he hopes the Spring Budget will recognise “a need for an accelerated level of support, innovation, and incentives to encourage a diverse mix of housing in order to keep pace”.