The latest data from HMRC offered a seasonally-adjusted estimate of properties sold in the UK in the month the lockdown restrictions on the market began to ease.

It reported there were 48,450 transactions, which was 49.6% lower than in May 2019. However, the figures were 16% higher than in April 2020.

Indeed, back in April the figures plummeted to a low not seen since the financial crisis in 2008, when transactions also dipped into the 40,000 territory.

Yet this dramatic plunge last month by 53.4% came as no revelation in the light of the pandemic, and today’s figures were met with equal pragmatism.

Indeed, Anna Clare Harper, author of Strategic Property Investing and co-founder of property fund Anglo Residential, said: “Recent events and practical restrictions such as physical valuations and obtaining finance mean it is hardly a surprise that property transactions have fallen dramatically year-on-year.”

She added: “What we can see from the HMRC data and from what we are hearing from investors, appetite is responding quickly.

“We are seeing the signs of strong appetite to move forward with investments in the UK residential market in particular.”

Meanwhile, Jeremy Leaf, north London estate agent and a former RICS residential chairman, explained property transactions, rather than the more volatile prices, were a better barometer of market strength. And this latest data, said, was no exception.

He added: “Although, of course, the numbers represent activity initiated several months ago, so are historically disappointing, they do show as well a welcome enthusiasm to pick up on transactions which were stalled and engage in new deals, which is exactly what we are finding on the ground.”

Family homes

Leaf said prospects looked good: “Looking forward, listings are increasing which is encouraging and likely to bring more balance.

“But on the other hand, we have concerns that most of the demand is for smaller family houses rather than smaller flats as aspiring first-time buyers remain concerned over future employment prospects post-furlough.”

Lockdown release

While the property transaction figures were reassuring, there were questions over whether there may have been a post-lockdown spike, and interest may now level out.

Andrea Olivari, Co-Founder at digital lender Selina Finance said: “It will be interesting to see if this trend continues throughout June or whether these figures are down to a release of pent up demand from the lockdown period.

“Whether the increase continues in the long term is dependent on an array of factors, particularly the ‘new normal’ of homeworking post-COVID and how this influences homebuying decisions”