The number of property transactions across the UK experienced a significant decline in April 2025, according to the latest provisional data released by HM Revenue and Customs (HMRC).
Both residential and non-residential sectors recorded marked drops compared to the previous month and the same period last year.
For residential properties, the seasonally adjusted estimate of transactions stood at 64,680.
This represented a sharp 28% fall compared to April 2024 and an even steeper 64% decrease from March 2025, highlighting a notable month-on-month slowdown.
When seasonal adjustments are not applied, the provisional figure dropped further to 55,970, still 28% lower than April 2024 and 66% down from the previous month.
The non-residential property market also saw reduced activity.
The seasonally adjusted number of non-residential transactions in April 2025 was estimated at 9,410.
This marked a 9% decline year-on-year and a 16% drop compared to March 2025.
On a non-seasonally adjusted basis, the estimate was slightly higher at 9,540 transactions, but still reflected a 9% annual decrease and a 21% fall from the previous month.
Reaction:
Andrew Lloyd, managing director at Search Acumen:
“The long Easter break marked an end to the Stamp Duty holiday and the surge in transactional activity that kicked off the year.
“But across the market we are still seeing a strong appetite for deal flow and a demand for bricks and mortar that will continue to resonate throughout the upcoming months.
“Residential is only one part of the full picture. In commercial property, a combination of rental growth, yield impact turning positive, and looser credit constraints contributed to an impressive performance led by the retail sector.
“However, as we begin to feel the shockwaves of recent global economic headwinds, the next few months will be an inflection point for market confidence.
“Getting transactions over the line is a complex and at times fragile process. In times of uncertainty, buyers should have the confidence that real estate lawyers have the right digital tools to ensure transactions can be handled efficiently and smoothly.”
Phil Lawford, national account manager, Saffron for Intermediaries:
“A slight dip in transactions during April is not unexpected as the market adjusted to the recent Stamp Duty changes.
“Some buyers may have paused to reassess their position, particularly given the backlog to complete purchases ahead of the March deadline.
Despite the slower numbers, there are plenty of reasons to be optimistic.
“We’re heading into the typically busy summer period, and government reforms to support housebuilders offer a fresh hope for increasing supply and revitalising the market – making it simpler and quicker for SMEs to build homes – these reforms improve choice and affordability for buyers.
“For those considering their next step, consulting a mortgage adviser can help make the most of this changing landscape.”
Nathan Emerson, CEO of Propertymark:
“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%, whereas that inflation figure was 2.6% 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:
“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.”
Adam Oldfield, CEO at Phoebus Software:
“A drop in transactions this month was always on the cards. March saw a significant spike as buyers rushed to beat the Stamp Duty deadline (more than double the same time last year) and with that temporary incentive now behind us, a slowdown in April was inevitable.
“Looking ahead, there are a few key factors we’ll be keeping a close eye on. Interest rates remain front of mind – the Bank of England recently cut the base rate to 4.25%, and there’s growing expectation that we could see it fall further to 3.75% by the end of the year.
“If that materialises, it could go some way to easing mortgage affordability pressures, especially for first-time buyers.
“That said, inflation has ticked up again, reaching 3.5% in April. Higher utility bills and increased taxation continue to squeeze household budgets, and that will likely have a knock-on effect on confidence in the housing market.
“On top of that, the supply side remains an ongoing concern. The Government looks set to miss its target of 1.5 million new homes by 2029, potentially falling short by as many as 500,000. That shortfall could keep upward pressure on prices, even if demand softens in the short term.
“While a post-March dip was expected, we’re still seeing resilience in the market. The next few months will be shaped by how these macroeconomic pressures evolve – and how quickly both buyers and lenders can adjust to the shifting landscape.”
Amy Reynolds, head of sales at Richmond estate agency Antony Roberts:
“Since the end of the Stamp Duty holiday, we have been seeing stable transaction volumes reflecting the ongoing resilience of the housing market despite continued economic uncertainty.
“We’re seeing a flight to quality – buyers are more selective and price-sensitive but they’re still transacting where values align with lifestyle.
“It’s also clear that while high mortgage rates have cooled the market somewhat, demand remains underpinned by low supply in many areas.
“The key challenge ahead is affordability. Mortgage rates, higher stamp duty and for many the increased cost of private school fees is affecting many families who would like to move, but are unable to.”
Mark Harris, chief executive of mortgage broker SPF Private Clients:
“Transaction numbers have dipped since it became too late to take advantage of the stamp duty concession but the latest base rate cut is encouraging activity.
“Base rate is expected to fall further from its current level although the pace and size of cuts may be more gradual than the markets thought only a few weeks ago as a result of higher inflation and the wider economic picture.
“In the meantime, mortgage rates are lower than they have been in a while. Those looking to purchase or refinance anytime soon would be sensible to secure the best rate they can now.
“Should rates continue to rise before they need to exchange or complete, they can pat themselves on the back for securing a good rate. Should they fall again, then they can look to secure a new, lower product when required.”
Nick Leeming, chairman of Jackson-Stops:
“The strength of activity in March 2025 has led to a natural recalibration in April. But there remains reasons to be positive, with the IMF’s upgraded 2025 UK growth forecast and the Bank of England’s recent base rate cut underpinning greater confidence from buyers.
“Across the Jackson-Stops network, we continue to see demand outpacing supply with, on average, five potential buyers competing for every new listing, in April.
“An uptick in listings into the summer months may also emerge in response to a raft of fixed-rate mortgage deals expiring this year. Homeowners who face significantly increased rates may consider their next move carefully, with one option being downsizing.
“The country market, particularly in the larger family home segment, is well-placed to benefit from this trend, offering an opportunity for more substantial, much needed family homes, to re-enter the market.
“Incentivising downsizing and ensuring suitable homes are built for an ageing population will be critical here and should be a clear focus for Government when delivering on its 1.5 million new homes commitment.”
Ryan McGrath, director of second charge mortgages at Pepper Money:
“Property transactions dropped in April from the elevated levels seen in March, when buyers rushed to complete purchases before the Stamp Duty discount ended.
“But with inflation rising to 3.5% last week, and expected to increase again in the summer, cost-of-living pressures continue to weigh on homeowners’ minds, particularly if they need to move but have a favourable mortgage rate fixed in place.
“This means improving rather than moving can be an attractive alternative. Secured loans are one way to fund home renovations without impacting the rate on your current mortgage.
“This option is proving increasingly popular with consumers, between 2023 and 2025 the total volume of secured loans increased by more than a quarter (26%), reaching £470m in Q1 of 2025 alone.
“As well as home refurbishments, these loans can be used to consolidate debts, settle personal tax bills, pay for unexpected life events, and cover school fees.
“While not right for everyone, more consumers are recognising the flexibility that secured loans can provide when compared to personal loans or credit cards.”
Clare Beardmore, director of club and distribution at L&G’s Mortgage Services business:
“This month’s fall in transactions is not a surprise. In March, buyers raced to meet the Stamp Duty threshold deadline, creating the ideal conditions for a month of historically frenetic activity. April was always unlikely to match these peaks.
“Nevertheless, the overall mood in the market is still upbeat. More properties are coming to market, and mounting competition between lenders is driving a marked increase in the availability of low-deposit mortgage options – our broker data shows that demand for 91% to 95% LTV products surged by 60% in Q1.
“With the market moving fast and opportunities opening up, advisers can help consumers understand the choices available and – crucially – pick the right one for their situation.
“If you’re a first-time buyer or planning your next move, speaking to a mortgage adviser will be key to navigating the market and making smart, long-term decisions.
“As inflation levels out and the global markets react to U.S trade policies, a base rate cut this summer could boost affordability further, creating even more opportunities for borrowers to step onto the ladder.”
Iain McKenzie, CEO of The Guild of Property Professionals:
“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.”
Jeremy Leaf, north London estate agent and a former RICS residential chairman:
“These numbers are particularly useful as they reflect mortgaged and cash transactions, and show how many buyers managed to take advantage of the stamp duty holiday.
“However, the data does not tell the whole story. On the ground, the significant number of purchases brought forward means there have been fewer deals since then but little evidence of widespread renegotiation or withdrawals despite rising stock levels and uncertainty about the pace of mortgage payment reductions.”
Tomer Aboody, director of specialist lender MT Finance:
“If further proof were needed as to how much stamp duty impacts the property market, the latest HMRC figures illustrate this without a shadow of a doubt.
“The drop in transaction numbers compared to March, where buyers were rushing to complete their purchases, is further proof for any government which wants to help stimulate the property market that it must reduce Stamp Duty.
“The property market is one of the biggest stimulators for the economy as a whole and therefore a healthy market with plenty of transactions is a must for any government pushing a growth agenda.”
Richard Sexton, the commercial director of proptech surveyor HouzeCheck:
“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 slowdownis 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 brokers 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.
“Brokerstalking to clients looking to undertake a private survey in a timely fashion might consider that when offering a recommendation.”
