Residential transactions rise 2.7% in February: HMRC

The number of transactions, at 101,780, is also higher than in February 2017.

Gareth Lewis, commercial director at MT Finance, commented: "The HMRC data is really quite positive because it is simply demonstrating month-on-month continued growth for the housing market, no mean feat when you consider the ongoing farce that is Brexit.

"While MPs make a mockery of us as they can’t come to the right decision, the property market is ticking along regardless. There is no doom and gloom around it, there is still positive sentiment and people are transacting."

Mike Scott, chief property analyst at online estate agent Yopa, added: "The latest figures from HMRC for the number of home sales in February confirm the surprising strength of the property market that we saw in last week’s mortgage report on mortgages in January.

"The number of home sales completed was 2.7% higher than the comparable figure for February 2018, and was also higher than the 2015 and 2017 numbers (2016 was distorted by a rush to beat a March deadline for higher rates of stamp duty).

"These sales will have been agreed in the autumn of 2018 when the Brexit deadline was less pressing, but the positive numbers suggest that any downturn in market activity due to the political uncertainty will be short-lived."