Prior to England entering the existing four-week lockdown, which has seen pubs, restaurants and non-essential shops close, the number of residential property transactions completed was returning to pre-Covid levels, and yet there appears to be plenty of room for growth in the near term, according to Nicky Stevenson, managing director of Fine & Country UK.

She points out that during September this year, HMRC estimated that 98,010 transactions were completed, while newly agreed sales since July have been between 42% and 62% higher than the corresponding period last year.

In October, newly agreed sales were 53% higher than last year, a marginal drop from the 62% peak reported by Zoopla in August.

Stevenson said: “With the average sale taking nine weeks from offer to exchange, September transaction figures will reflect those delayed by lockdown and only a small proportion will represent the surge in newly agreed sales.

“Over the next few months, transactions will increase as the reported surge in newly agreed sales exchange.”

The stamp duty holiday and post-lockdown buyer demand have also led to the number of sales in the pipeline jumping by more than 50%, data from Zoopla shows.

Stevenson continued: “According to Zoopla, increased buyer demand over summer has led to 140,000 more sales in the system than usual. This has put pressure on lenders, valuers and conveyancers and is likely to cause delays in sales exchanging.

“With the stamp duty holiday set to end on 31st March 2021, buyers should get a move on if they want to take advantage of stamp duty savings of up to £15,000.”

Stevenson added: “The increased demand since the market reopened has had a positive impact on house prices.

“The Rightmove House Price Index reports on asking price, a good indicator of sellers’ expectations rather than buyers’ reality. The Rightmove mid-October index reported a 5.5% annual increase in asking prices, the biggest rate of increase in over four years, highlighting sellers’ optimism.

“The Nationwide House Price Index, which shows house prices from post-survey approval stage, reported a 5.8% annual increase in October, the highest rate of increase since January 2015.”

Stevenson has welcomed the fact that the second coronavirus lockdown introduced in England last week has been less strict and disruptive than the one seen in spring, at least for now.

“Although we are now in a second lockdown, this time the housing market remains open, mortgage holidays are still available, and the furlough scheme has been extended.”