The ARLA and NAEA Propertymark’s 2017 market overview has revealed that property demand spiked in January and February at 425 homebuyers registered per branch.

The supply of available housing at estate agent branches peaked at 44 properties per branch in February.

However, supply has remained stagnant year-on-year at an average of 39 properties available per branch in both 2016 and 2017.

The proportion of FTB sales has sunk to its lowest level in four years to 25% of all sales (2013: 23.7%).

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Mark Hayward, chief executive of NAEA Propertymark, said: “2017 has been a busy year for the property market, and the Budget announcement to abolish stamp duty for FTBs has given them some optimism.

“Looking to next year, it will be interesting to see what impact the stamp duty change had on the market, and if it really does help FTBs get on the ladder.

“We still only have a limited supply of housing available and policymakers need to think about how to help others in the chain, such as second steppers and those that would downsize in order to free up more larger homes suitable for families.”