The number of market appraisals undertaken in March fell by 7%, according to Propertymark’s latest Housing Insight Report.

The data also reveals that there was a 4% increase in the number of potential buyers registered per member branch.

Viewing numbers also increased marginally in March 2024, but remained broadly in line with the corresponding period in March 2023.

In addition, the month saw 82 new prospective tenants registered per member branch.

The report also revealed that there was an 8% increase in the number of properties available to rent throughout the month.

Nevertheless, the supply-demand imbalance remains, with around nine new applicants registered for each available property in March.

Nathan Emerson, CEO of Propertymark, commented: “Interest rates remained static in March 2024, and although the changes were small, GDP and inflation continued to move in the right direction.

“Barring global shocks, we remain optimistic that inflation will continue its downward trend, eventually allowing for interest rates to be reduced.

“Demand increased within the residential sales sector, with the number of buyers registered and the number of viewings per property both increasing.

“On the supply side, new instructions decreased slightly. Stock levels also decreased but remain on par with the same period last year.”

He added: “In the residential lettings sector, tenant demand decreased, and stock levels increased marginally.

“However, demand continues to outpace supply overall, with nine new applicants registered for each available property.

“Legislative change including the Renters (Reform) Bill and Housing (Scotland) Bill, continues to dominate the wider discourse.

“We continue to work with our members to lobby for change that supports investment, minimises unintended outcomes and enables a well-functioning housing system.”