However, November’s residential transactions numbers were 24.3% higher than October 2021.
The provisional seasonally adjusted estimate of UK non-residential transactions in November 2021 was 10,840, 15.9% higher than November 2020 and 9.0% higher than October 2021.
The provisional non-seasonally adjusted estimate of UK residential transactions in November 2021 was 104,980, 13.4% lower than November 2020 and 22.7% higher than October 2021.
The provisional non-seasonally adjusted estimate of UK non-residential transactions in November 2021 was 11,340, 21.3% higher than November 2020 and 10.9% higher than October 2021.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “The market is normalising after a dip in activity last month caused by purchases being rushed through ahead of the end of the stamp duty holiday.
“A series of stamp duty holiday deadlines throughout 2021 have distorted the market with surprisingly high and low numbers from one month to the next.
“We’re now starting to see a return to normal, which throughout this year has been a much higher level than usual.
“These figures are the latest to show that it’s been an incredibly intense year for the property market, with some of the highest levels of activity we’ve ever seen.
“Brokers have played a huge part in making these purchases happen, and in supporting their clients to find the right mortgage for their needs.
“We hope that brokers can take some time for a much-needed break, before the New Year brings plenty of new opportunities to grow their business.”
Andrew Southern, chairman of Southern Grove, added: “Britain’s property market is starting to fizz again following a lull in transactions which came with the end of the stamp duty holiday.
“After October’s cliff-edge, a great wave of momentum is starting to build again with the potential for even more dramatic growth in the early New Year when we traditionally see an abundance of new listings which may go some way to satisfying the insatiable demand that still exists.
“Though the wider impact of creeping interest rates and the surge in Omicron infections is still unknown, market fundamentals remain as robust as ever going into 2022.
“There is still a great hunger among buyers for bigger homes with more outdoor space, and a successful roll-out of the government’s booster jab programme combined with a more broad-based economic recovery could turbo-charge the market for some time to come.”
