In total, on a provisional and non-seasonally adjusted basis, there were 96,250 transactions of this type, which is 20.6% lower than recorded in February 2021.

However, as Dashly founder Ross Boyd puts is: “Comparisons between February this year and last are like comparing apples with pears given the impact the stamp duty holiday had on transaction levels.”

The figures also show that on a non-adjusted estimate, there were 9,860 non-residential transactions in February, which was 17.4% more than in January and 10.2% higher on the year.

Seasonally-adjusted, the report counts 112,260 residential transactions – a 4.4% improvement on January and 20.8% lower than seen in February 2021, and 11,020 non-residential transactions – 9.5% up on a monthly basis and 8% up on a yearly basis.

SPF Private Clients chief executive Mark Harris comments: “Some heat has come out of the purchase market compared with last year but the remortgaging market is picking up as borrowers attempt to lock into low mortgage rates before they disappear.

“Increasing living costs, rising mortgage rates and higher taxes make for an unwelcome triple whammy which may put the brakes on the housing market unless the chancellor comes up with a strategy to soften the blow in his spring statement.’