Analysis by real estate adviser Savills revealed that 5,300 £1m-plus residential sales were completed in the final quarter of last year, making it the highest Q4 total for at least a decade.

In addition, stamp duty receipts from residential sales raised £8.3bn in 2019, 2.9% down on the total for 2018.

The latest stamp duty figures also showed that receipts from the 3% additional homes surcharge were down by 14%. 

This was said to be due to the surge in refunds to those who bridged and have subsequently sold.

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The refunds exceeded £150m for the first time since the surcharge was introduced in April 2016, with the number of claims for a refund surpassing 10,000 for the first time (11,100).

Lucian Cook, head of residential research at Savills, said: “The widely reported post-election bounce in buyer confidence across the prime residential market has translated into increased numbers of high-value sales in the final quarter of 2019.

“As we look forward, a sustained pick-up in activity depends on sellers keeping price expectations in check, not least given the underlying uncertainty regarding the UK’s future relationship with its major trading partners and the impact that could have on buyer sentiment later in the year.

“Equally, buyers need to be careful about placing too much reliance on a stamp duty cut in the short term.”