Residential transactions double the levels seen in March 2020: HMRC

On a non-seasonally adjusted basis, transactions totalled 180,690, up by 107.9% compared to March 2020 and 49.6% higher than February.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, commented: “These figures show that it’s still full steam ahead for brokers and the property market.

“It’s clear that the extension of the stamp duty holiday has added fuel to keep the train moving in March, and it’s on track for a great April too with plenty of demand across the board."

Mark Harris, chief executive of mortgage broker SPF Private Clients, added: "Transactions are always a surer sign of the health of the housing market than house prices and a surge in activity in March shows that people continue to hunt for more space, while taking advantage of the stamp duty holiday and cheap mortgages.

"With a growing number of lenders offering high loan-to-value deals at 95 per cent, this appetite is only going to increase, pushing transaction numbers (and prices) higher still, particularly if supply continues to lag behind demand."