There was a surprise rise in market activity during July

The housing market showed further signs of recovery last month, according to the MyMoney24 Property Index.

The index, produced in association with Agency Express, showed that the number of sales in the residential market rose by 43pc in February, which represents the largest rise in two years.

The number of new For Sale listings also rose on a monthly basis, up nearly 20pc on January’s figure.

As well as the monthly rises, both Sold and For Sale listings were higher on an annual basis – up 7.7pc and 4.2pc respectively.

Regional hotspots for new For Sale listings included the West Midlands (up 36pc) and the North-East (up 28pc).

The West Midlands was also the star performer when it came to data on Sold properties, with a rise of 62pc during February. Scotland (up 60pc) was a close second.

“Our Index figures for February show a very encouraging consolidation of the housing market, virtually nationwide,” said Agency Express managing director Stephen Watson.

“A combination of relatively low interest rates, more affordable property prices and the stamp-duty incentives pre-March for first time buyers, coupled with the early mild weather, has obviously put the thought of moving house back into people’s minds.”

Agency Express provides a nationwide estate-agency board service, with the property index based on demand for Sold and For Sale boards.