Compared to the first half of the year, the last four months of 2021 will be an anti-climax, according to Knight Frank. However, the firm says that as the stamp duty holiday winds down, activity will be brisk.

Knight Frank reported: ‘The number of new prospective buyers registering in August was 24% above the five-year average. Meanwhile, underlining how many sales remain in the pipeline, the number of offers accepted was 32% higher over the same period. With demand undeniably strong, the big unknown is supply. How quickly it picks up will be a determining factor for transaction volumes and prices.

‘As supply increases so will downwards pressure on prices, which will be compounded by the end of the stamp duty holiday. Part of the reason for the relatively empty shelves is that offers have been accepted more quickly than in previous years. The average number of days between a sale being instructed and an offer being agreed in the UK was 111 in the first eight months of 2021, down from 128 in 2019.’

The report concluded: ‘Some prospective sellers will be encouraged by the brightening economic outlook, ultra-low mortgage rates, calmer market conditions after a frenetic first half and a sense that the worst of the pandemic is behind us.’