According to the HMRC’s non-seasonally-adjusted data there were 103,100 residential housing transactions in May, which is 8.7% lower than in April.

Its latest report revealed the estimated transactions for in Q1 of 2021 of 392,860 was the highest quarterly total since Q3 of 2007 when the figure reached 442,930.

HMRC was keen to highlight in its report these extreme increases were largely down to the fact the market in April and May 2020 was closed so comparison was skewed.

But Cloe Atkinson, managing director, Mortgage Engine, said the rise was also a testament to the industry’s efforts to face up to the challenges of the pandemic.

She said: “Today’s figures reflect the work the industry has done to adapt, innovate and continue to operate safely through extraordinary conditions.

“As the country continues to work its way out of lockdown, though at a slightly slower than expected rate, the industry needs to be prepared for the next set of challenges.

“There are issues of affordability and vulnerability that urgently need to be addressed, particularly for those whose finances and careers have been devastated by the pandemic.

“The end of the furlough scheme later this year and the eventual withdrawal of a number of other government support schemes could both also hit potential homebuyers hard.

“The property industry has coped admirably with the pandemic so far, but the post-pandemic period could well be just as challenging. As an industry, we need to continue to innovate and adapt to support the market through the rest of this year and beyond.”

Meanwhile Jeremy Leaf, north London estate agent and a former RICS residential chairman, said the stamp duty holiday was also a contributing factor to the steep increase in sales. He said: “Transactions, transactions, transactions, are always a better measure of housing market strength than more volatile prices.

“These figures are a little dated, reflecting a market pausing in reaction to the anticipated cut-off in the stamp duty concession.

“On the ground, we have seen buying and selling resume and the market return to the underlying trend of growth, albeit at a lower level than before, boosted by the low cost of money and stock shortages particularly.

“The stamp duty holiday has proven to be an important factor in helping, in particular, second-steppers and buyers of more expensive properties. More help for first-time buyers who are saving for deposits would be a way of sustaining a similar level of transactions going forward.”