The number of home sales fell almost 8% in a year, HMRC has reported, down from 109,100 in February 2014 to 100,510 last month.

Transactions were, however, up 2.5% compared with January this year despite the 7.9% year-on-year drop.

HMRC’s figures are all “seasonally adjusted”.

In another new set of figures released yesterday, from the Office for National Statistics, UK house prices fell 0.2% between December and January.

Average “mix-adjusted” house prices in January 2015 stood at £285,000 in England, £174,000 in Wales, £142,000 in Northern Ireland and £198,000 in Scotland.

In London, the average house price was £510,000.

Excluding London and the south-east, the average house price was £208,000.