HMRC has estimated UK residential transactions in May 2022 at 100,870, 2.0% lower than May 2021 and 1.6% higher than April 2022.

Its provisional non-seasonally adjusted estimate of UK non-residential transactions is 10,250, 9.7% higher than May 2021 and 0.4% higher than April 2022.

Kevin Webb, managing director, Legal & General Surveying Services, said: “As we approach the midpoint of the year, the peaks of the market are levelling out, especially as we begin to see the impact of rising mortgage rates and living costs on the housing market.

“Of course, while this may have slightly dented enthusiasm in the market, activity certainly hasn’t run out of steam. With the Help to Buy scheme coming to a close, and housing market supply-demand starting to rebalance, serious buyers remain determined to proceed with their purchase plans.

“With another interest rate hike further complicating peoples’ finances, home surveys are increasingly becoming a valuable tool in helping prospective buyers make well-informed purchase decisions. Being aware of issues that could arise in the future, can help buyers claw back any costs that could cause a further dent in their pockets.

“Ultimately, purchasing a home is one of the largest and most costly decisions people will make, and having the added security of a survey can ease anxieties during a trying time.”