The UK property market is showing signs of regaining momentum, the National Association of Estate Agents (NAEA) has said.

Homebuyers increased by 11 per cent in January, with first-time buyers accounting for 14.5 per cent of purchases.

Housing stock also increased by nine per cent, with estate agents recording an average of eight sales each in January, three more than they did in December.

“I am confident that we have just started to see the benefit of the first interest rate cut in December and the last quarter per cent decrease in February will further help boost the confidence of all buyers and particularly first-time buyers,” NAEA chief executive Peter Bolton King.

“The truth is that the market differs significantly across the UK and prospective buyers really need to talk to their local agents and find out what’s happening in their region – they may find the situation is not nearly as dire as some would have us believe.”