Buyer demand spikes but supply fails to keep pace

Property prices may prove "resilient" in the face of rising interest rates and costs of living, but transaction numbers are "likely to slow as the year wears on," warn surveyors.

"It is encouraging that a little more stock appears to be returning to the market," says the RICS' chief economist.

“There are signs that the imbalance between demand and supply is starting to ease,” says Zoopla in its latest market update.