UK residential property transactions in November grew by 8.6 per cent on October, shows seasonally adjusted government data.

In total it is estimated that there were 115,190 transactions, which is a 19.3 per cent increase on last year’s November figure.

In addition, there were 9,970 non-residential transactions, which is 10.3 per cent growth on a monthly basis and 6.9 per cent growth compared to November 2019.

The figures are based on the number of property transactions over £40,000 that were registered with tax officials during the month.

MT Finance commercial director Gareth Lewis comments: “We expect the market to go from strength to strength in the new year as long as stricter lockdowns don’t preclude people from doing their jobs, such as carrying out valuations.

“Concerns over the new strain of Covid could prove to be a stumbling block. We have already had a couple of valuations pulled at the last minute where surveyors have been able to view a property but chosen not to, as well as solicitors saying they are uncomfortable about meeting clients face-to-face.”

SPI Capital chief executive Anna Clare Harper points out: “The figures represent a recovery rather than a boom. This is at least partly policy induced.

She adds: “Transactions have been dominated by second-time buyers – typically trading up in favour of more space – rather than first-time buyers ‘getting a foot on the ladder’”.