In today's Property Transaction Data, seasonally-adjusted figures for residential transactions show that an estimated 64,680 homes were sold in the UK in April 2025, down from 177,440 in March. This was largely due to changes in Stamp Duty Land Tax in England and Northern Ireland as buyers rushed to complete their purchases in March before these changes took effect.
Nathan Emerson, CEO of Propertymark, said while the figures were expected, it demonstrated the lower confidence of homemovers:
“Today’s figures demonstrate the challenging journey many who approached the buying and selling process were experiencing just prior to the Stamp Duty threshold changes before April, and these challenges have escalated to this day thanks to a delicate global economy, inflation currently sitting at 3.5 per cent, whereas that inflation figure was 2.6 per cent during the timeframe of today’s figures, and the Bank of England rightly displaying caution regarding any lowering of the base rate. These factors added together appear to have dented the confidence of many potential home movers."
“The summer months tend to be a busy time for the housing market, and with recent reports suggesting that mortgage rates could creep back upwards, the Bank of England will have its work cut out to maintain a balanced pathway forward that keeps inflation in check while delivering consumer confidence for the housing sector.”
Jason Tebb, President of OnTheMarket, said:
“April saw a plunge in transactions following March’s stampede to get deals across the line and take advantage of the stamp duty holiday.
However, despite the removal of the stamp duty concession, the market remains remarkably resilient. This month’s interest rate reduction, the fourth since the Bank of England started cutting rates last August, has given buyer and seller confidence a welcome boost. While April's jump in inflation may delay further cuts in the short term, market expectations are for further reductions to base rate this year.
Lower mortgage rates will also help support activity, with a number of lenders reducing pricing in recent weeks, as well as easing criteria. This is helping affordability although buyers remain price sensitive, particularly as there is more stock for them to choose from."
Richard Donnell, Executive Director at Zoopla, said: "Today's transaction data reflects the rush to beat the stamp duty holiday, which is still impacting the numbers from sales agreed 3-5 months ago. Our latest data shows a lull in new sales over Easter but a significant pick-up in sales agreed in recent weeks, reaching their fastest pace in four years. This resurgence is supported by less stringent affordability testing for mortgages, a larger pool of active buyers and an increase in homes available for sale. We anticipate this momentum will lead to 1.15 million sales in 2025, a 5% increase from 2024."
Iain McKenzie, CEO of The Guild of Property Professionals, commented: "The April transaction figures from HMRC are, on the surface, quite stark, but they absolutely need to be seen in the context of the unprecedented rush to beat the March Stamp Duty deadline. A cooling off period was inevitable after such a surge, which saw activity brought forward.
“What's more encouraging are the underlying trends: the recent Bank Rate cut to 4.25%, consistently falling mortgage rates, with sub-4% deals now more accessible for many, and lenders showing increased flexibility. These factors are easing some affordability pressures.
“While the subdued economic backdrop and geopolitical uncertainties mean we anticipate a measured pace of growth, the fundamentals for a steady recovery are increasingly in place. This dip is a short-term market adjustment, not a signal of long-term decline; buyer demand is being sustained, and we expect a more balanced picture as these positive financial conditions filter through."
Richard Sexton, the commercial director of proptech surveyor HouzeCheck, added:
“While the provisional seasonally adjusted estimate of the number of UK residential transactions in March 2025 was 62% higher than February 2025, that was more to do with the stamp duty deadline than an incredibly healthy market. Equally, this slowdown is the inevitable hangover after the massive property party in March – we shouldn’t read too much into it over the medium term.
“More worryingly, we estimate only 9,700 of these buyers ordered a survey, despite property transactions being one of the most complex and emotive financial journeys on which they are ever likely to embark. More homebuyers need to recognise that, without a private survey, they are leaving themselves open to the risks of unforeseen costs – as well as the associated distress and disruption.”
“Lastly, HouzeCheck undertook a similar number of surveys between the 1st and 30th April as we did in March, despite the bumpy market. That reflects a growing number of conveyancers putting business our way. I would speculate that the big legacy surveying brands have been focused on meeting the demand from lenders for mortgage valuations – and the necessity of prioritising that work – while putting private survey work on the back burner. We have been the default beneficiaries of that. It helps that we are digitally-led and that the average time it takes us to get a report completed and delivered is under three days – not bad considering a building survey takes a day to complete. Conveyancers talking to clients looking to undertake a private survey in a timely fashion might consider that when offering a recommendation.”
