This is an estimated 200,000 more than in 2020 and 2021, according to analysis of HMRC figures by Coventry Building Society.

In the year to 2007, there were 1.7 million residential transactions, while in the year to 2008, 1.5 million residential transactions were recorded.

The figures are also on par with those recorded in 2014 and 2015 when residential transactions came to 1.207 million, compared to 1.208 million in 2021 to 2022.

Stamp duty holiday effect

Meanwhile, the total amount of stamp duty on residential properties paid during 2021 and 2022 came to £10.1bn, which is 69% up on the year before.

The stamp duty intake came to £16.2bn in 2022, up 23% on 2021 and a record for the tax.

This record amount was achieved despite the stamp duty holiday being in place between April and September 2021.

And the stamp duty intake has continued to rise this year, with £12.7bn in receipts recorded in the first three months of this tax year.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “The numbers confirm what we already knew – the stamp duty holiday injected life into the market at a time of uncertainty.

“The reduced tax bill enabled people to move more freely, which was especially important during the pandemic when a lot of people were suddenly working from home and reassessing their house needs.”

Housing market uncertainty

He noted that the market was in “another period of uncertainty” and “an injection to the market would be welcomed by many”.

“The new stamp duty thresholds set in September have eased the tax burden on homebuyers, but there’s room for the Government to really get creative in their approach and start introducing incentives for energy-efficient home improvements, or waivers for downsizers, for example,” Stinton said.

In September last year, the Government doubled the level at which residential buyers started paying stamp duty from £125,000 to £250,000.

The nil-rate threshold for first-time buyers relief was also upped from £300,000 to £425,000 and the maximum purchase value for relief was increased from £500,000 to £625,000.

The Government said that this would ensure around 43 per cent of purchasers will pay no stamp duty.

The stamp duty measure remains in place until 31 March 2025.