The number also increased 13% when compared with January of this year.

Non-residential transactions also rose by 1% from the previous year to 10,090, with an 8% rise from January.

In terms of non-seasonally adjusted residential transactions, this number rose by 24% to 90,430 in February compared with the same time last year, with a 10% rise since January, while non-residential transactions increased annually by 2% t0 8,800, with a 4% rise from January.

Commenting on the latest figures, Tomer Aboody, director at MT Finance, said: “Higher transaction volumes are likely to be down to buyers bringing moves forward in order to take advantage of the stamp duty discount.

“Overall, it has been a positive few months for the housing market with transaction levels improving, although still below pre-pandemic levels. This comparatively subdued activity illustrates how big an impact higher interest rates have had on the market.

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"As buyers look to the BoE for further rate reductions, any assistance here will help the upwards trajectory in transaction numbers as the year progresses."

Jeremy Leaf, estate agent and a former RICS residential chairman, added: “These latest transaction numbers covering mortgaged and ‘cash’ sales confirm a very strong increase in market activity over the past few months at least.

"Completed sales are a better indicator of market health than volatile house prices. There’s no doubt many purchases have been brought forward to save money before withdrawal of the stamp duty concession at the end of March.

"The inability to take advantage of that discount has coincided with a greater balance between supply and demand. As a result, in our offices, we have found that the market is settling.

"We have not lost any sales to date but that does not mean negotiations and re-negotiations have always proved straightforward.”