Residential property transactions fell by 3% in April compared with the previous month, according to the latest figures from HMRC.
Seasonally adjusted residential transactions declined from 103,910 in March to 101,030 in April. However, transaction levels were 53% higher than in April 2025, when activity dropped sharply following changes to stamp duty land tax thresholds.
HMRC said the annual increase was largely due to unusually low transaction volumes in April last year, as buyers rushed to complete purchases ahead of the tax changes before activity fell back.
On a non seasonally adjusted basis, residential transactions were 16% lower in April than in March.
Meanwhile, seasonally adjusted non residential transactions fell by 6% month on month but were 1% higher than a year earlier.
Commenting on the figures, Jason Tebb, president of OnTheMarket, said the modest monthly decline suggested the housing market remained resilient despite ongoing economic and political uncertainty.
He said: "The slight dip in transaction numbers month on month suggests consistent resilience from the housing market in the face of economic and political uncertainty.
"Rather than stepping back and delaying decisions, buyers and sellers are mostly adapting to change and continuing to progress with their transactions."
Tebb added that recent reductions in mortgage pricing were helping affordability, while increased housing supply was giving buyers greater choice and helping to moderate house price growth.
Jeremy Leaf, north London estate agent and former RICS residential chairman, said transaction data provided a more accurate indication of market health than house price surveys.
He said: "These figures are particularly interesting as they cover the period from the beginning of the Iran war and confirm many were nervous about the outcome, bearing in mind too economic uncertainty prevailing at the time."
However, he noted that most agreed sales were continuing to complete despite longer transaction times and increased scope for renegotiation.
Tom Bill, head of UK residential research at Knight Frank, said the decline came during a period when activity would normally be increasing.
He said: "Transactions fell 3% between March and April at a time of year when the property market would normally be gaining momentum."
Bill warned that uncertainty surrounding the economy and potential tax changes ahead of the Autumn Budget could weigh on buyer sentiment in the coming months.
Richard Donnell, executive director at Zoopla, said the monthly fall was broadly in line with seasonal trends around Easter and noted that housing sales in April remained ahead of the previous 12 month period.
He said: "We expect housing sales to end 2026 at close to 1.2 million, the 20 year average and a healthy position given the impact of higher mortgage rates and economic uncertainty."
Donnell added that the figures highlighted continued demand from households looking to move despite affordability pressures and wider economic uncertainty.
