Residential property transactions in the UK have been running 15% higher for the first eight months of the year compared with the same period in 2024, reveals Coventry Building Society’s data on the latest HMRC figures shows.
The data, which tracks transactions between January and August 2025, found March saw a surge, with transactions more than doubling year-on-year at 106% as buyers rushed to complete before the Stamp Duty changes.
Meanwhile, activity fell sharply by 27% in April and remained lower in May, with an 11% drop compared to last year.
In June and July there was a bounce back, with transactions climbing back to just above 2024 levels, up nearly 3% in June and almost 5% in July.
Transactions were up 2% in August, compared to the year prior, with Budget speculations starting.
The Chancellor is widely reported to be considering major reforms for property taxation, including scrapping Stamp Duty for buyers and introducing a new tax for sellers of homes worth more than £500,000.
Other options that are rumoured to be under review include allowing homebuyers to pay Stamp Duty in instalments and changes to Capital Gains Tax.
The Autumn Budget is set for 26 November.
Coventry Building Society head of intermediary relationships Jonathan Stinton says: “It’s been a year of ups and downs for the housing market, but overall transactions have been running higher than last year, which shows just how determined people are to move. Buyers rushed in March, took a breather in Spring, and then came back in force over Summer. That resilience is a positive sign.”
“Since the speculation was announced in August, we’ve already started to feel the mood shifting. Conversations with buyers and mortgage brokers suggest some people are beginning to hold back while they wait to see what the Chancellor announces.”
“The housing market doesn’t like uncertainty, and rumours of big changes are enough to make people hesitate – or risk making the wrong choice.”
“As we get closer to 26th November buyers may be tempted to push pause on their decisions in case Stamp Duty is scrapped and they save thousands of pounds overnight.”
“That kind of hesitation is understandable, but it creates a stop-start market. If reforms are coming they need to be clear and carefully thought through so people can move with confidence rather than cautiously waiting on the sidelines.”