The number is 25% up on this time last year when 411,000 properties were in the same position, having accepted offers but not yet completed the legal process, revealed Rightmove’s latest House Price Index report. January was also a record month for mortgage applications, 49% higher than January 2024.

From April, the £250,000 stamp duty land tax (SDLT) exemption will be removed and only the first £125,000 of a property purchase will be SDLT exempt, with a 2% rate charged from £125,000 to £250,000, meaning a £6,000 to £10,000 bill.

Andrew Tucker, partner at Bidwells estate agents, said: ‘Many will have been rushing to get deals over the line before the rise in stamp duty comes into effect this Spring. It won't have been a nationwide phenomenon as the impact of changes depend greatly on location.’

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