Property transactions surge 80% ahead of stamp duty deadline: HMRC

The number of UK residential property transactions in March totalled 164,650, 89% higher than March 2024 and 80% higher than February 2025, the latest HMRC statistics show.

On a seasonally adjusted basis, transactions were 177,370, 104% higher than March 2024 and 62% higher than February.

Maria Harris, chair of the Open Property Data Association, commented: “Residential transactions have risen yet again which is not surprising given the rush to complete transactions ahead of the stamp duty deadline. With the Bank of England hinting at further rate cuts this quarter, we could see more stability in mortgage pricing which could help to maintain this momentum further into the year.

“We know that homebuying transaction volumes are closely aligned with consumer confidence, yet the home buying and selling process remains a frustrating one for consumers and the industry, often resulting in a poor experience for everyone. Simplifying and improving transparency in property transactions, for buyers, sellers, and professionals alike, has never been more urgent. But to achieve this, we need government and industry to deliver accessible, trustable, and secure data. Digitising property information and enabling it to be shared through open standards is a critical step toward the transformation the industry so badly needs.”

Nathan Emerson, CEO of Propertymark, said: “The rush to avoid stamp duty threshold changes across England and Northern Ireland spurred many people to prioritise their purchase before the recent 1 April 2025 deadline. However, it will now be key to see sustained momentum in the sector during the traditionally busy spring and summer months. As the housing market starts to follow the usual buoyant seasonal trends, we are likely to see an influx of properties for sale for those in a prime position to find their next ideal home.  
 
“Recent data demonstrates a growing array of two-year fixed rate mortgages delivering more affordability that only twelve months previous, giving consumers more choice and greater financial flexibility. With many mortgage rates starting to dip down again, there is still yet some distance to go before they are still generally lower than they were prior to 2022. Should inflation decrease to 2% or less, it would give the Bank of England potentially far more flexibility to consider further interest rate cuts, which would typically result a far wider range of more affordable mortgage products in the medium to long term.”   

Richard Pike, chief sales and marketing officer at Phoebus Software, added: “March saw a notable rise in residential transactions, according to the latest HMRC Property Transactions data, largely driven by buyers aiming to complete before the stamp duty changes took effect. This kind of activity is typical in the lead-up to policy shifts, and while it may give a temporary lift to the numbers, we could see a cooling off-period in the coming months as the market settles. 
Looking ahead, expectations of further rate cuts from the Bank of England later this year could offer further support to the market. Some economists are forecasting a cut as early as May, which may boost buyer confidence. However, this sits against a backdrop of continued cost-of-living pressures, meaning affordability will remain a key constraint. We’re also yet to feel the full effect of the US tariffs or indirect tax increases so the long-term picture remains unclear.”