Almost 44 per cent of commercial investment opportunities in the region have already been snapped up by investors, while 24 per cent of commercial leasing opportunities have already found tenants.

This strong demand is clearly driven by low investment costs and high rental returns.

Across the UK, average commercial property prices have fallen by -12.7% in the last year, while rents have risen by 4.9% per annum.

However, across the East of England, the average price of commercial property fell by -9.2% while average rents rose by 19.3%.

Kimberley Gates, Head of Corporate Partnerships at Sirius Property Finance, said: 'Whilst investor demand remains strong, price rises in some areas are affecting their appetite for investment, even though there have been significant increases in rental values.

In contrast, some areas, such as the East of England, have achieved the ideal balance of softening property prices alongside higher rents, so it is not surprising that demand in these areas has increased significantly.

As the commercial sector largely recovers from the effects of the pandemic, we expect demand in this sector to continue to pick up, although in an increasingly challenging economic and financial climate, this activity will be largely focussed on those areas that offer the best value for money.

The South West and South East are also in the top three for commercial sales and lettings demand, while the North East is the least in demand.

In stark contrast to the East of England, average commercial rents across the North East have risen by 42.8 per cent, second only to the North West at 102.1 per cent.

The North East also saw the biggest rise in average commercial property prices, up 15.9 per cent last year, compared to an average fall of 12.7 per cent across the UK.

Sarah Coles, head of personal finance at Hargreaves Lansdown, says: Zoopla has spotted green shoots in the property market, but at this stage we can't rule out the possibility of a killer frost. There is no guarantee that the property market will see the boom that estate agents are hoping for in the spring.

There are some real positives, with more sellers coming onto the market, which has led to a fairly steady volume of sales.

Data from the Bank of England also shows that mortgage approvals have picked up slightly over the next few months, and assuming that the current rise in mortgage rates is only a temporary blip, the market could benefit from a further fall in interest rates.

Meanwhile, the strength of the labour market and the rapid rise in rents are also bailing out demand.