UK residential property transactions totalled 90,430 in February, which is a year-on-year increase of 24%, HM Revenue and Customs (HMRC) has revealed.

The Government’s tax collection authority also estimated that this figure increased by 10% month-on-month, after it fell by 17% between December and January.

HMRC’s monthly estimates are based on its own records as well as those of Revenue Scotland and the Welsh Revenue Authority, for Stamp Duty Land Tax (SDLT), Land and Buildings Transaction Tax (LBTT) and Land Transaction Tax (LTT) in each of the three nations, respectively.

It was also estimated that the number of non-residential property transactions reached 8,800 in February, which is a year-on-year drop of 2% and a month-on-month increase of 4%.

Chief sales and marketing officer at Phoebus Software, Richard Pike, said: "A peak in residential transactions in February was expected as buyers rushed to complete purchases ahead of the Stamp Duty deadline, mirroring trends seen before previous tax changes. While this has contributed to the uplift in today’s figures and is likely to be repeated in March data, we may see a slowdown in April as the market adjusts.

"Despite this, transaction levels remain significantly higher than this time last year, suggesting underlying demand is still strong. With interest rate cuts this year providing some support but broader economic pressures weighing on affordability, the coming months will be key in assessing whether market momentum can be sustained."

Chief executive officer at PropertyMark, Nathan Emerson, concluded: "It is positive news that many consumers have adapted to current market conditions concerning typically higher interest rates and the impact this can have on a potential house move. House price growth has recently been reflected in this month’s UK house price index which was published this week and found the average house price increased by 4.9% year on year, which will provide comfort to existing homeowners.

"However, various governments across the UK must pay close attention to meeting their individual housing targets to help stabilise overall supply. Across the forthcoming years it will remain vital demand is met, as we see an ever-expanding population, which is expected to hit around 70 million people by the end of the decade which in the longer term as supply increases this will keep a balancing effect on prices increases."

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