Residential property transactions across the UK totalled 147,050 during February, new figures published by HMRC have revealed.

This total was 48.5% higher than February 2020, and 23.0% higher than January 2021.

HMRC suggested the year-on-year increase to the provisional estimate of residential transactions was “likely impacted” by the temporarily increased nil rate bands for Stamp Duty Land Tax (SDLT) in England, Land and Buildings transaction Tax (LBTT) in Scotland, and Land Transaction Tax (LTT) in Wales.

Across non-residential properties, the data also showed there were 10,630 transactions during February. This reflected a rise of 10.2% from February last year, and 25.8% increase from the previous month.

However, HMRC warned “caution is advised” when interpreting the latest estimates, due to their provisional status. Estimates for the latest month were based upon incomplete data as not all SDLT returns from completed transactions during February will have been received by HMRC when the figures were compiled.

Commenting on the figures, Hargreaves Lansdown personal finance analyst, Sarah Coles, said: “It was the busiest February on record for the property market, as the now defunct stamp duty deadline lit a fire under the buying and selling process.

“February was always going to be at fever pitch, because for more than six months, buyers had a laser focus on getting across the finish line before the end of March. Thousands of people have been bringing forward sales, while thousands more had them pushed back from earlier in the tax year when the housing market was put into suspended animation.

“The deadline was moved during the Budget speech this month. This won’t have slowed the rush of buyers already in the process, but it will have an impact on figures between now and June. Those who face wobbles along the way now know they have time to complete, even if they hit a bump in the road. This is going to hold more chains together and could mean more bumper months as we go through spring.”

more2life CEO, Dave Harris, commented: “With a tapered extension to the stamp duty holiday now in place, it is likely that significant buyer demand will continue over the coming months – including in the lifetime mortgage market.

“Advisers will be at the forefront of serving this demand and will need to work closely with later life lenders to manage client expectations with confidence in the months to come as more ‘last time buyers’ look to use equity release to purchase a home.”

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