Residential property transactions in April on a seasonally adjusted basis fell by 64% compared to the prior month to 64,680, data showed.
According to HMRC figures, residential property transaction contracts are down 28% in April compared to the same period last year.
On a provisional non-seasonally adjusted basis, the number of UK residential transactions in April came to 55,970.
This is 28% lower than the same period last year and 66% lower than in March 2025.
HMRC figures show that April 2025’s residential property transactions, on a seasonally adjusted basis, are the second lowest since 2016. The lowest April figure during that period was April 2020, when residential property transactions came to 42,980.
HMRC said the large peak in transactions in March and fall in April were “likely due to transactions brought forward ahead of the SDLT threshold reductions from 1 April 2025”.
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In the financial year to date, there have been around 64,680 residential property transactions on a seasonally adjusted basis and 55,970 on a non-seasonally adjusted basis.
This is down from the prior period, when seasonally adjusted residential property transactions came to 89,860 and non-seasonally adjusted transactions were estimated at 77,770.
Residential property transaction dip ‘not unexpected’
Phil Lawford, national account manager at Saffron for Intermediaries, said a “slight dip in transactions” during April was “not unexpected, as the market adjusted to the recent stamp duty changes”.
He continued: “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.”
Adam Oldfield, CEO of Phoebus Software, said: “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.”