The number of UK residential property transactions totalled 55,970 in April, 28% lower than April 2024 and 66% lower than March 2025.
On a seasonally adjusted basis, sales were 28% lower than April 2024 and 64% lower than March 2025.
Nathan Emerson, CEO of Propertymark, commented: “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.”
Andrew Lloyd, managing director at Search Acumen, said: “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.”
Phil Lawford, national account manager at Saffron for Intermediaries, added: “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.”