The new buyer enquiries indicator showed no net change, while agreed sales increased by a net balance of +3%.

The future outlook for sales looks stronger, with a +10% result on balance for the three-month look ahead, and a more positive +30% net balance recorded for twelve months from now.

The survey indicated that house prices are continuing to rise nationwide, with a +22% net balance reporting increases for the month.

Northern Ireland and the North West of England saw the strongest momentum while price growth was more modest across Yorkshire and the Humber and the South East.

Respondents anticipated that house prices would continue to rise across the country over the next twelve months (+55%).

In the lettings market, demand continued to falter with a +2% result.

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Landlord instructions continued to decline (net balance -19%).

Despite demand recording minimal growth, the ongoing reduction in availability is widening the gap between supply and demand.

A net balance of +23% believe that rents will continue to rise over the next three months.

Tarrant Parsons, head of market analytics at RICS, said: “The latest survey feedback indicates that growth in buyer demand lost a bit of momentum through the early part of the year, with this flatter picture likely linked to the turbulence seen across money markets in the first half of January.

“Nevertheless, moving forward, respondents continue to envisage a slightly positive near-term outlook for sales activity.

“This should be further supported by the unwinding of some of the pressures around mortgage interest rates over the past couple of weeks.”