UK residential transactions rose by 19.3% in November 2020 compared to a year earlier, reaching 115,190, according to HM Revenue & Customs.

This figure was also up 8.6% compared to October 2020.

Non-residential transactions in November 2020 were 9,970, 6.9% higher than November 2019 and 10.3% higher than October 2020.

Paul Stockwell, chief commercial officer of Gatehouse Bank, said: “The UK property market has undergone an incredible turnaround this year. In the space of seven months, sales volumes have rebounded from the lowest level since records began to a five-year high in November.

“The latest data shows mortgage approvals still running at a 13-year-high so, while it’s widely accepted that the bumper house price growth we’ve seen this year must cool as we enter 2021, a decline in the number of transactions is by no means assured.

“Annual growth in sales volumes has actually accelerated, more than doubling in the space of a month, which is excellent news for the property market as a whole.

“It is entirely possible that volumes hold up next year, even as valuations cool after a glut of activity fuelled by the stamp duty holiday and a widespread desire to move to larger homes after repeated lockdowns.”