Property sales suffered a record drop in April following the rush to get deals done ahead of the Stamp Duty deadline on April 1st.

The latest figures from HMRC show a 64% fall in property transactions compared to March, and 28% lower than the same time last year.

Record fall

This is the highest month-on-month decrease since records began for non-seasonally adjusted figures.

HMRC says: “There was a large peak in transactions in March 2025 and a subsequent drop in April 2025 likely due to transactions brought forward ahead of the SDLT threshold reductions from 1 April 2025.”

The seasonally adjusted estimate of the number of residential transactions in April is 64,680, and the non-seasonally adjusted figure is 55,970, 66% lower than March, and 28% lower than April 2024.

The nil-rate Stamp Duty threshold, which had been £250,000, returned to the previous level of £125,000 on 1 April. And for first-time buyers it decreased from £425,000 to £300,000.

Industry reaction

Nathan Emerson, CEO of Propertymark

“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,” he says.

“These challenges have escalated to this day thanks to a delicate global economy, inflation currently sitting at 3.5 per cent, whereas that inflation figure was 2.6 per cent during the timeframe of today’s figures, and the Bank of England rightly displaying caution regarding any lowering of the base rate.”

Richard Donnell, Executive Director at Zoopla

Today’s transaction data reflects the rush to beat the stamp duty holiday, which is still impacting the numbers from sales agreed 3-5 months ago,” he says.

“Our latest data shows a lull in new sales over Easter, but a significant pick-up in sales agreed in recent weeks, reaching their fastest pace in four years,” he says.

“This resurgence is supported by less stringent affordability testing for mortgages, a larger pool of active buyers and an increase in homes available for sale. We anticipate this momentum will lead to 1.15 million sales in 2025, a 5% increase from 2024.”

Amy Reynolds, Head of Sales at Richmond estate agency Antony Roberts

“Since the end of the stamp duty holiday, we have been seeing stable transaction volumes reflecting the ongoing resilience of the housing market despite continued economic uncertainty,” she says.

“We’re seeing a flight to quality – buyers are more selective and price-sensitive but they’re still transacting where values align with lifestyle.

“It’s also clear that while high mortgage rates have cooled the market somewhat, demand remains underpinned by low supply in many areas,” she says.

“The key challenge ahead is affordability.  Mortgage rates, higher stamp duty and for many the increased cost of private school fees is affecting many families who would like to move, but are unable to.”

Mark Harris, CEO at SPF Private Clients

“Transaction numbers have dipped since it became too late to take advantage of the stamp duty concession, but the latest base rate cut is encouraging activity,” he says.

“Base rate is expected to fall further from its current level although the pace and size of cuts may be more gradual than the markets thought only a few weeks ago as a result of higher inflation and the wider economic picture.

“In the meantime, mortgage rates are lower than they have been in a while. Those looking to purchase or refinance anytime soon would be sensible to secure the best rate they can now.”

Nick Leeming, Chairman at Jackson-Stops

“The strength of activity in March 2025 has led to a natural recalibration in April. But there remain reasons to be positive, with the IMF’s upgraded 2025 UK growth forecast and the Bank of England’s recent base rate cut underpinning greater confidence from buyers,” he says.

“Across the Jackson-Stops network, we continue to see demand outpacing supply with, on average, five potential buyers competing for every new listing, in April,” he says.

“An uptick in listings into the summer months may also emerge in response to a raft of fixed-rate mortgage deals expiring this year.”

Tom Bill, Head of UK Residential Research at Knight Frank

“An April slump in transactions was expected as stamp duty rose for everyone, with first time buyers and second home owners being particularly affected.

“The rollercoaster of the last two months mirrors what happened in 2016, when the second home surcharge was first introduced. There will be a rebound in coming months, which happened nine years ago despite the Brexit vote,” he says.

“However, mortgage rates have since reverted to normal and there is a risk that inflation and the government’s shrinking financial headroom will keep upwards pressure on borrowing costs and demand in check.

“Supply also outweighs demand and asking prices need to reflect the fact it is very much a buyers’ market this spring.”

Jeremy Leaf, north London estate agent and a former RICS residential chairman

“These numbers are particularly useful as they reflect mortgaged and cash transactions, and show how many buyers managed to take advantage of the stamp duty holiday.

“However, the data does not tell the whole story. On the ground, the significant number of purchases brought forward means there have been fewer deals since then but little evidence of widespread renegotiation or withdrawals despite rising stock levels and uncertainty about the pace of mortgage payment reductions.”

Tomer Aboody, Director at MT Finance

“If further proof were needed as to how much stamp duty impacts the property market, the latest HMRC figures illustrate this without a shadow of a doubt.

“The drop in transaction numbers compared to March, where buyers were rushing to complete their purchases, is further proof for any government which wants to help stimulate the property market that it must reduce stamp duty,” he says.

“The property market is one of the biggest stimulators for the economy as a whole and therefore a healthy market with plenty of transactions is a must for any government pushing a growth agenda.”

Iain McKenzie, CEO at The Guild of Property Professionals

“The April transaction figures from HMRC are, on the surface, quite stark, but they absolutely need to be seen in the context of the unprecedented rush to beat the March Stamp Duty deadline.

“A cooling off period was inevitable after such a surge, which saw activity brought forward,” he says.

“What’s more encouraging are the underlying trends: the recent Bank Rate cut to 4.25%, consistently falling mortgage rates, with sub-4% deals now more accessible for many, and lenders showing increased flexibility. These factors are easing some affordability pressures.”

View the HMRC stats here