In a market that has been ‘turbo-charged’ by the looming rise in Stamp Duty on 1st April, HMRC is reporting there were 108,250 residential transactions in February.

That’s 28% higher than February 2024 and 13% higher than January 2025.

The figures have been broadly welcomed by the property industry. Many agents are reporting that transaction levels have remained elevated in March, but concerns remain about how the market will react to April’s higher SDLT rates, particularly in London.

Industry reacts

Amy Reynolds, head of sales at Richmond estate agency Antony Roberts, says: “The Stamp Duty concession has focused the minds of buyers, encouraging them to bring forward transactions. Higher borrowing costs and affordability pressures are still an issue, and it will be interesting to see how the market reacts in the second quarter when the concession is no longer available.

“In areas where stock is limited, demand continues to be steady, particularly when it comes to the family home market with scope to work from home. Homes that are well priced and well-presented are selling relatively quickly; while buyers may pause to assess financial implications, high-demand areas are likely to retain interest.”

Buyers will now be having to factor higher Stamp Duty costs into their overall moving budget.”

Nick Leeming, Chairman of Jackson-Stops, comments: “The start of 2025 was turbo-charged by the encroaching changes to Stamp Duty rates as buyers looked to take advantage of the savings on offer. This was particularly prevalent across London and the South East where buyers could make the most savings.

“Buyers are being presented with the greatest choice of properties on the market since the pandemic – this buzz in activity is already becoming apparent across the Jackson-Stops network, with a 70% rise in completions in February 2025 compared to a year ago. Similarly, buyer interest is also increasing, with 59% of branches reporting increased enquiries in the past month.

“That being said, it is important that sellers remain realistic with pricing, particularly as buyers will now be having to factor higher Stamp Duty costs into their overall moving budget.”

It is positive news that many consumers have adapted to current market conditions.”

Nathan Emerson, CEO of Propertymark, comments: “It is positive news that many consumers have adapted to current market conditions concerning typically higher interest rates and the impact this can have on a potential house move.

“House price growth has recently been reflected in this month’s UK House Price Index which was published this week and found the average house price increased by 4.9 per cent year on year, which will provide comfort to existing homeowners.

“However, various governments across the UK must pay close attention to meeting their individual housing targets to help stabilise overall supply. Across the forthcoming years, it will remain vital demand is met, as we see an ever-expanding population, which is expected to hit around 70m people by the end of the decade and, in the longer term, as supply increases, this will keep a balancing effect on prices increases.”

The size of the sales pipeline has accelerated since the Autumn Budget.”

Richard Donnell, Executive Director at Zoopla commented: “The pipeline of housing sales has recovered over 2024 as sales volumes have grown. The size of the sales pipeline has accelerated since the Autumn Budget, as many buyers hoped to beat next week’s Stamp Duty deadline, with a sizable jump in sales agreed in February 2025. Our data shows this will grow higher again next month in March.

“Housing market activity continues to increase despite the ending of Stamp Duty relief. Zoopla’s latest data shows that sales agreed are up five per cent year on year, with many more homes for sale. There is a Stamp Duty hangover effect in London where first-time buyers face the highest increase in costs of buying. We expect sales to grow 5% over 2025 to 1.15m.”