Zoopla predicts that 2024 will be a good year for home sales. The value of the homes in the pipeline is expected to increase by 30%, to £113bn.

The highest number of sales since Autumn 2020 has been attributed to rising incomes and mortgage rates that are the lowest they have been in two years.

UK house prices have risen by 1% in the last year, up from a drop of -0.9% one year earlier.

The current sales pipeline is valued at £130bn and represents the largest in four years.

As the gap between renting and buying widens, first-time buyers will make up 36% of all sales in 2024.

First-time buyers may have to pay up to £15,000 more if Stamp Duty is reduced to the previous level in the budget.

In recent months, the number of completed transactions has increased, especially in the investment sector as sellers try to close deals before budget changes.

Richard Donnell said, "It's positive to see a sustained increase in the sales activity through 2024, which reflects a growing confidence between buyers and sellers. This is supported by lower borrowing rates and rising incomes.

"Overall the market is on track to achieve a modest price increase of 2% in 2024, and 1.1m units sold.

"First-time buyers numbers have recovered due to the lower mortgage rates, but there is still a large deposit required for purchase.

The possibility of a change in stamp duty relief would only increase the barriers to home ownership for this group, who already face significant affordability restrictions.