Property sales are bouncing back strongly from the slump after the April Stamp Duty deadline.

Total numbers of deals in June are up 13% from the previous month, the second successive monthly jump after 25% in May.

The latest HMRC transactions data bulletin shows seasonally adjusted residential transactions increased to 93.530 from 82,510 in May.

Non-seasonally adjusted residential transactions increased by 17% from May to June.

Recovering

“These numbers reflect transactions recovering from the dip seen following the ending of the temporary nil-rate thresholds,” HMRC says.

There was a record drop of 64% in April following the rush to get deals done ahead of the Stamp Duty deadline on April 1 when the temporary nil-rate thresholds ended.

It was the highest month-on-month decrease since records began for non-seasonally adjusted figures.

Industry reaction

Iain McKenzie, CEO of The Guild of Property Professionals, says: “Today’s transaction figures for June are incredibly encouraging and confirm that the market continues to gain momentum.

“The significant 13% month-on-month increase in activity is a clear signal that buyer confidence is returning to the market, shaking off the last of the economic inertia,” he says.

“The momentum isn’t happening in a vacuum. It’s being fuelled by an increasingly stable and optimistic mortgage environment. While the Bank of England held rates steady in June, the widespread anticipation of a rate cut in August is already being priced in by lenders.”

Jason Tebb, President of OnTheMarket, says: “June saw a continued recovery in transactions following the dip after the end of the stamp duty holiday as buyers brought forward purchases in order to take advantage of tax savings.

“These transaction numbers suggest that the housing market remains remarkably resilient,” he says.

Despite wider economic and political concerns, four rate reductions in the past year have done much to boost activity and confidence, and with further reductions expected, these should encourage buyers and sellers to transact.”

Amy Reynolds, Head of Sales at Richmond estate agency Antony Roberts, says: “As this data shows, contrary to expectations, the property market isn’t slowing down for summer.

“At first it looked as though it might as the final week of the school term was very quiet, and we braced ourselves for a long stretch until September.

But we’re already back in full swing: valuing good houses, agreeing off-market sales, and running packed diaries of viewings,” she says.

“The general sentiment is that interest rates will come down further, and the Spring market – which never really materialised, because of uncertainty around Trump’s tariffs – has left a degree of pent-up demand.”

Mark Harris, CEO at SPF Private Clients, says: “Transaction numbers have risen again as base rate reductions encourage activity and enable borrowers to plan ahead with more confidence.

“The markets expect interest rates to fall further from their current level with another reduction in base rate forecast for next week,” he says.

“Lenders continue to trim their mortgage rates, while easing of criteria should also enable borrowers to take on bigger mortgages in coming months.”

Nathan Emerson, CEO at Propertymark, says: “It is extremely positive to see an uplift in the number of housing transactions for June 2025.

“Overall, the housing market is starting to see progression, especially following the recent upheaval of the Stamp Duty threshold changes, where we had a rush across England and Northern Ireland, followed by an immediate lull,” he says.

“We are also seeing the UK Government signal that it wants to deliver a new wave of growth in the housing market, as the Leeds Reforms from Chancellor Rachel Reeves aims to encourage lenders to better provision for demographics such as first-time buyers.”

Jeremy Leaf, north London estate agent and a former RICS residential chairman, says: “Despite a stock overload, much of which is unrealistically priced as some sellers are still not recognising the importance of standing out from the crowd, the market is demonstrating considerable resilience.

“These transaction numbers strip the market bare as they reflect mortgaged and cash buyers negotiating hard to make their moves over the past few months in particular,” he says.

“But that show of realism is not being seen across the board as in our offices we are seeing more activity around lower-priced smaller flats and houses whereas the owners of too many of our higher-end listings still need to get the message.”