HMRC figures revealed that there were 48,450 residential transactions during the month, but that is still 49.6% lower than in May 2019.
Non -residential property transactions stood at 5,880, 42.2% lower than May 2019 and 14.1% higher than April 2020.
Andrea Olivari, co-founder at digital lender Selina Finance, said: “On the whole, there are gradual signs that the property market is moving, with the latest industry figures revealing an average house price increase of 1.9%.
“So the rise in property transactions is reassuring, particularly given the figures are taken from May and the market wasn’t officially re-opened until mid-way through the month.
“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.”
Anna Clare Harper, author of Strategic Property Investing and co-founder of property fund Anglo Residential, added: “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.
“However, 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.”
