Residential property transactions in the fourth quarter of 2021 were 12% lower than in the third quarter, according to figures from HM Revenue & Customs.

And they were 15% lower than the equivalent period a year earlier.

The fall reflects the end of the Stamp Duty holiday and the fact that many buyers brought forward purchases to complete before the September deadline. This led to an expected fall in transactions following the end of the tax break.

Ross Boyd, CEO of mortgage platform, Dashly: “It’s no surprise that transaction levels were down in the final quarter of last year, as the Stamp Duty holiday brought a significant number of sales forward.

“Understandably, many people rushed out to buy and activity levels went off the scale. But another reason why transaction levels are down is the fact stock levels are the lowest they have been for many years. Receipt levels bounced back in the final quarter because the stamp duty reliefs were no longer available.”

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Andrew Montlake, managing director of mortgage broker, Coreco, added: “Even though residential transaction volumes were down in the fourth quarter of last year compared to the previous quarter and same quarter of 2020, they were still high.

“Activity levels have been massively skewed by the Stamp Duty holiday. Receipts rebounded in the final three months of the year as Stamp Duty was back at its normal levels. The Government will be pleased, if nobody else will.”