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UK monthly property transactions down sharply in April: "wholly understandable given the stamp duty deadline"

ended 30. May 2025

The number of (seasonally adjusted) residential transactions in April 2025 decreased by 64% compared with 177,440 in March 2025 to 64,680, according to new data published this morning. These numbers have been affected by the changes in Stamp Duty Land Tax Rates in England and Northern Ireland in April 2025. On 1 April 2025, the nil-rate threshold, which had been £250,000, returned to the previous level of £125,000. The nil-rate threshold for first-time buyers also decreased on 1 April 2025, from £425,000 to £300,000. The decrease in transactions for April follows increased transactions in March, probably brought forward to take advantage of the higher thresholds in March. Newspage asked property and mortgage experts for their views, below.

6 responses from the Newspage community

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Andrew Montlake
CEO at Coreco
Though April saw a sharp drop-off in property transactions relative to March, it's wholly understandable given the stamp duty deadline. Many buyers actively sought to beat the stamp duty deadline and they achieved that, but the surge in transaction numbers was always going to be followed by a lull. In our experience, the market remains pretty active and we're still confident that it will be a fairly positive summer.
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Chris Barry
Director at Thomas Legal
Transaction numbers in April were expected to reduce following March’s rush to meet the stamp duty deadline, however the decline was more severe than expected. The most common tax saving in March was just £2500 and a lot of people were happy to miss the deadline if needed, especially at the higher end of the market. Many property professionals took a holiday in early April and traditionally lots take a week or two over Easter, which also contributes to lower activity. May will see a return to normal levels and the summer could be strong depending on what happens to borrowing rates, which we anticipate will remain fairly stable.
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Daniel Hobbs
CEO at New Leaf Distribution
And that, right there, is the impact of the stamp duty cliff edge. Many residential property transactions were brought forward to save potentially thousands of pounds and so it's no surprise to see transaction numbers dropped off in April, once the deadline had passed. Decreasing mortgage rates through April kept the market relatively buoyant however, but they are starting to rise again now. There's a lot of uncertainty in the market surrounding the direction of mortgage rates at the moment but at least we've seen a lot of lender innovation in recent weeks.
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Craig Fish
Director at Lodestone Mortgages
This is exactly what we expected, a cliff-edge drop in transactions following the end of the Stamp Duty relief. Buyers rushed to beat the deadline in March, and now April's numbers show the hangover. But let’s not overreact. These are one-off distortions, and we should see a rebound in activity as the year progresses. That said, the market still hinges on mortgage rates, inflation and wider economic stability. The good news is that lenders are starting to get creative, from no deposit mortgages to enhanced affordability criteria, which could finally open the door for more first-time buyers. Let’s be clear, they’re the heartbeat of the market and without them, the whole property ladder stalls. We need policy and lending to work together if we want a stable, flowing housing market in 2025.
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Adam Stiles
Managing Director at Helix Financial Partners
Nothing about this is a surprise. Swathes of people wanting to get their transaction through before the stamp duty changes, with many unable to transact if they missed the change, with a lot of aborted purchases and collapsed chains. The Government rhetoric of encouraging homeownership is in complete contrast to their property tax policies.
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Sean Horton
Managing Director at Respect Mortgages
This 64% drop, while dramatic, was entirely predictable and shows just how much stamp duty influences buyer behaviour. The March rush to beat the stamp duty deadline created an artificial boom followed by this inevitable bust. We've seen this pattern before though - remember the March 2016 rush ahead of the additional property surcharge?