The number of UK residential property transactions in June rose 30 per cent compared to May, show provisional, seasonally adjusted figures from HMRC.

In total, there were 63,250 residential property transactions in June, 31.7 per cent more than in May but 35.9 per cent lower than in June 2019.

Non-residential transactions followed a similar pattern, coming in at 7,340 in June, which is 31.2 per cent higher than in May but 27.4 per cent lower than a year ago.

On the figures, MT Finance director Tomer Aboody says: “These numbers demonstrate the most abrupt halt to the property market we have ever seen due to lockdown, followed by a significant surge in interest from people wanting to buy.

“The stamp duty holiday has played a big part and there is a lot of confidence around. The market has been crying out for a stamp duty reduction for some years and although it’s not across the board, it has fuelled demand and encouraged buyers to come back out and transact.

“We are still below last year’s numbers, which in turn were down on the previous year, but confidence is creeping back up. If the government increases capital gains tax on principal home sales, it will push us back again so any progress made by the stamp duty reduction will be swiftly lost. We need more stimulus via reduced stamp duty to the upper end of the market and hope for this in the autumn Budget.”

Yopa chief property analyst Mike Scott comments: “We expect to see a further improvement in these figures next month, as the housing markets in Scotland and Wales have reopened, more transactions that were in progress before 23 March move forward to completion and the first post-lockdown sales begin to complete.

“However, it will take a while longer before we reach a normal level of activity, let alone begin to catch up on some of the missing sales that would normally have occurred between April and June.

“After a spike in the number of completions in March 2021 there will probably be another fall in the second quarter of next year as the normal rate of stamp duty is reimposed.

“Note that these are provisional figures. Transaction data may be being processed more slowly than usual due to the effects of the pandemic, which means that there may still be more June sales to be reported and the true year-on-year fall may not be as bad as it is in this report.”

Phoebus Software sales and marketing director Richard Pike adds: “Coming out of lockdown, even with an air of caution, has given many people the impetus to pick up where they left off. Whereas for others, especially those who have been living in flats with little or no outside space during lockdown, may be thinking that now is the time to look for a new home.

“All the signs are positive so now it’s up to the lenders to jump into action, while the demand is there,” he concludes.