Residential property transactions increased by 6.8 per cent in the year to December 2019, HM Revenue & Customs transaction figures show.

On a monthly basis, residential transaction figures rose by 6.2 per cent, from November to December 2019.

Turning to non-residential property transactions, there was an 0.8 per cent uplift year-on-year, and a 13.4 per cent increase between November and December of last year.

The total estimated number of seasonally adjusted property transactions across the UK in December 2019, was 104,670 residential and 10,690 non-residential transactions.

North London estate agent Jeremy Leaf says: “Transaction numbers are always a much better indicator of property market health than volatile house prices. These figures are encouraging because they show an increase in transactions in December, up on November and the previous year.

“While HMRC advises caution and not to get too carried away, it is certainly a positive, particularly as the impact of the general election is yet to be felt on transaction numbers. Certainly, on the ground, we are finding that the election and more clarity on Brexit seems to be contributing to a much-needed recovery in housing market confidence.

“This is reflected in many more-than-usual market appraisals as well as a strong start to sales and lettings activity in the new year.”

Houso director Ben Johnston comments: “While all the positive news and data that has been circulating since the election is most welcome, December’s transaction numbers are perhaps not as telling as those of Q1 2020. These will be the true indicator of whether we are experiencing a ‘Boris bounce’ or not.

“Transactional volume is what the UK housing market desperately needs, rather than rising property prices, so these figures are encouraging. More emphasis needs to be placed on central government sorting stamp duty to a more acceptable level to encourage the downsizers and second steppers into the move that has been paused for the better part of five years.”

MT Finance commercial director Gareth Lewis adds: “The back-end of the year saw an increase in activity and purchases after the general election as a lot of transactional flow held off until after the result was known. Estate agents and lenders were extremely busy as people were keen to get on with things.

“There is a positivity around transactions and market sentiment that we have not seen for a while – maybe we are seeing the green shoots of spring appear a little earlier than usual.”