Residential property transactions rise 53% year-on-year: HMRC

The latest HMRC property transaction data shows the number of UK residential transactions fell 3% in April but are 53% higher than April 2025.

This large year-on-year increase was driven by low transaction levels in April 2025, when activity fell sharply following changes to stamp duty thresholds
 
On a non-seasonally adjusted basis, the number of residential transactions totalled 85,880, 51% higher than April 2025 but 16% lower than March.

Mark Harris, chief executive of mortgage broker SPF Private Clients, commented: “The war in the Middle East is leading to higher inflation and weaker growth, which is bound to impact housing market activity, although these figures show transaction numbers dipped by a relatively small number month-on-month.

“While the Bank of England is expected to hold base rate again next month, mortgage lenders continue to trim their rates in light of improving funding condition, with. Barclays the latest major lender to lower rates on a range of products. 

"However, swap rate volatility suggests borrowers should not take such reductions for granted, as the situation can quickly change on the back of wider geopolitical events. Borrowers should secure a rate at the earliest opportunity for peace of mind, and can always switch to a cheaper rate when they complete if pricing has fallen by that time."

Amy Reynolds, head of sales at Richmond estate agency Antony Roberts, said: “On the ground, we saw some softening in initial viewing levels in April as people took stock of the situation in the Middle East and what impact this might have on borrowing costs. However, since then, things have picked up and even though it has been half term, we have been much busier than expected, which is hopefully sign of a more buoyant market to come.

“Transactions are being agreed at levels broadly in line with what we would expect at this time of year. The market feels steady rather than spectacular with buyers still active but more selective, more analytical on pricing and far more aware of monthly mortgage costs than they were a year ago."

Richard Pike, sales and marketing director at Phoebus Software, added: “Today’s transaction data reflects decisions made earlier in the year when market activity was stronger and before the impact of the ongoing crisis in the Middle East. 

“However, while these figures show that buyer demand has fallen, the underlying market remains resilient. There are early signs that affordability pressures are beginning to ease as economic conditions stabilise, which should help support a gradual pickup in activity as we move into the summer months."