Residential property transactions increased by 1.3% between December 2017 and January 2018 to 102,610, according to HM Revenue & Customs.

However, the figure is 0.1% lower compared with the same month last year, and still far below pre-crash levels, which peaked at 150,000 a month.

Non-residential transactions followed a similar pattern. They were also up slightly between December and January (0.6%) but down 1.1% year-on-year.

John Eastgate, sales and marketing director at OneSavings Bank, said: “Transactions levels reflect the ongoing challenges of mortgage affordability.

“Whilst there have been any number of demand side initiatives, such as Help to Buy and the recent SDLT changes for first time buyers, these are piecemeal approaches to housing policy at a time when it needs to be more holistic.”

“Recent figures from The Institute of Fiscal Studies’ highlighted the scale of the collapse of homeownership among 25-34 year olds, where homeownership fell from 65% in 1995/6 to 27% 20 years on. We need to reflect on the complexities that have created this situation rather than looking for a miraculous silver bullet.”