Hometrack said that a lack of suitable housing would see help sustain the market into 2013: “The change in the supply of housing for sale has followed a very similar pattern over the last three years with strong growth in the first half of the year offset by a decline in the second half.

“The start of 2013 follows an above average contraction in supply over 2012 H2.”

The firm said that just 16% of postcodes had seen a fall in house prices in the past month, considerably down on December’s figure of 27%.

The study found that houses across England and Wales now achieve 93.1% of their asking prices, with houses in every region barring the East Midlands and North West attaining higher percentages than they had in previous surveys.

It found that 79% of estate agents and surveyors felt more optimistic about the housing market than they did this time last year.

“The performance of the market in the coming months is dependent upon supply. Agents are reporting sellers seeking valuations but waiting until the outlook becomes clearer before putting their home on the market,” Hometrack said.

“Five years into the downturn and with sales of homes still running at less than one million a year, there is a steady accumulation of pent-up demand to move.

“The spring housing market will be a key test of whether UK households are willing to act upon a slowly improving sense of optimism. We expect market activity to post a seasonal improvement in the coming months but pricing levels are set to remain broadly stable.”