UK residential property transactions eased in April, suggesting housing market activity lost some momentum following a stronger start to the year.
Latest figures from HM Revenue & Customs show there were 101,030 seasonally adjusted residential transactions completed during the month, down 3% from March. However, activity remained significantly higher than a year earlier, rising 53% compared with April 2025.
On a non-seasonally adjusted basis, transaction volumes totalled 85,880, representing a sharper monthly fall of 16%, although still 51% above the same month last year.
HMRC said the strong annual comparison was largely due to subdued activity in April 2025, which followed changes to Stamp Duty Land Tax thresholds introduced on 1 April that year. Many buyers had accelerated completions into March 2025 to avoid higher tax costs, creating a weaker base for comparison.
Non-seasonally adjusted non-residential transactions stood at 9,860, down 20% compared with March and marginally lower year-on-year.
HMRC noted that transaction data reflects completed sales rather than agreed deals and typically lags wider market activity by between two and four months, meaning the figures may not fully capture current buyer sentiment or conditions.
Nathan Emerson, CEO of Propertymark, commented: “While it is disappointing to see the volume of non-seasonally adjusted housing transactions display negativity month-on-month, when viewing the wider picture year-on-year, they show a return to more expected numbers, all following changes to thresholds to stamp duty at the start of April 2025.
“Sentiment within the housing sector remains a central indicator of economic health. With global unease continuing to add potential unforeseen pressures for many people, it is important to apply a sense of caution regarding affordability over the coming weeks and months.
“We have recently witnessed Ofgem raise the energy price cap by 13%, effective from July. This, coupled with what is a generally changeable direction for both inflation and base rate, could add up to producing a challenging period ahead.”
Tom Bill, head of UK residential research at Knight Frank, commented: “Transactions fell 3% between March and April at a time of year when the property market would normally be gaining momentum. We expect continued downwards pressure on activity as mortgage offers that pre-date the Middle East conflict begin to disappear.
“Domestic political risks will increase over the summer as speculation inevitably intensifies around which taxes will increase in the autumn Budget and the identity of the Chancellor, causing buyers to hesitate and prices to be squeezed further.”
Jason Tebb, president of OnTheMarket, added: “The slight dip in transaction numbers month-on month suggests consistent resilience from the housing market in the face of economic and political uncertainty. Rather than stepping back and delaying decisions, buyers and sellers are mostly adapting to change and continuing to progress with their transactions.
“The steady interest rate environment, with the Bank of England holding rates at recent meetings, suggests a welcome calm and considered approach while inflation is monitored. At the same time, lenders continue to trim their mortgage pricing, which is helping ease affordability and is particularly welcome as the cost of living remains high.
“Sellers have plenty of choice with more stock coming to the market, which is putting them in a strong negotiating position. This is helping keep property prices in check, which should also assist in improving transaction numbers.”
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