UK housing market activity remained resilient in April despite a monthly slowdown following the stamp duty rush earlier this year, latest figures from HM Revenue & Customs revealed on Friday.
The provisional seasonally adjusted estimate shows there were 101,030 residential property transactions completed across the UK in April, down 3% on March’s figure of 103,910 but still 53% higher than the same month last year.
The sharp annual increase reflects the distortion caused by stamp duty changes introduced in April 2025. Buyers accelerated purchases ahead of those changes, leading to an unusually weak April 2025 comparison period and inflating the year-on-year growth rate.
On a non-seasonally adjusted basis, residential transactions totalled 85,880 in April, a fall of 16% compared with March but 51% higher than April 2025.
STAMP DUTY IMPACT
The data suggests the housing market has largely absorbed the disruption caused by successive stamp duty changes, with transaction volumes remaining above the 100,000 mark despite wider economic uncertainty and higher borrowing costs.
The non-residential sector also saw activity ease during April. Seasonally adjusted commercial and non-residential transactions fell 6% month-on-month to 9,960, although they remained 1% higher than a year earlier.
Non-seasonally adjusted non-residential transactions stood at 9,860, down 20% compared with March and marginally lower than April 2025.
INDUSTRY REACTION
Richard Donnell, Executive Director of Zoopla, says: “April saw a 3% fall in completed home sales versus March which is in line with previous years as households rush to complete sales before Easter each year.
“Overall, housing sales in April were running 3% ahead of the previous 12 months as the number of housing sales increased from the low of 2023 when activity was hit by higher mortgage rates.
“We expect housing sales to end 2026 at close to 1.2m the 20 year average and a healthy position given the impact of higher mortgage rates and economic uncertainty – it highlights the strong intent of household to continue to move home.”
CHALLENGING PERIOD
Nathan Emerson, CEO of Propertymark, says: “While it is disappointing to see the volume of non-seasonally adjusted housing transactions display negativity month-on-month, when viewing the wider picture year-on-year, they show a return to more expected numbers, all following changes to thresholds to Stamp Duty at the start of April 2025.
“Sentiment within the housing sector remains a central indicator of economic health. With global unease continuing to add potential unforeseen pressures for many people, it is important to apply a sense of caution regarding affordability over the coming weeks and months.
“We have recently witnessed Ofgem raise the energy price cap by 13%, effective from July. This, coupled with what is a generally changeable direction for both inflation and base rate, could add up to producing a challenging period ahead.”
ECONOMIC UNCERTAINTY
Jeremy Leaf, north London estate agent and a former RICS Residential Chairman, says: “House price surveys are always useful but transaction numbers are a much better barometer of housing market health as buyers and sellers decide to proceed.
“These figures are particularly interesting as they cover the period from the beginning of the Iran war and confirm many were nervous about the outcome, bearing in mind too economic uncertainty prevailing at the time.
“Despite those concerns persisting, and the choice of property increasing, most sales are going ahead though often painfully slowly and more vulnerable to renegotiation as buyers try to take advantage of their bargaining power.”
MORE SQUEEZE EXPECTED
Tom Bill, Head of UK Residential Research at Knight Frank, says: “Transactions fell 3% between March and April at a time of year when the property market would normally be gaining momentum.
“We expect continued downwards pressure on activity as mortgage offers that pre-date the Middle East conflict begin to disappear.
“Domestic political risks will increase over the summer as speculation inevitably intensifies around which taxes will increase in the autumn Budget and the identity of the Chancellor, causing buyers to hesitate and prices to be squeezed further.”
PLENTY OF CHOICE
Jason Tebb, President of OnTheMarket, says: “The slight dip in transaction numbers month-on month suggests consistent resilience from the housing market in the face of economic and political uncertainty.
“Rather than stepping back and delaying decisions, buyers and sellers are mostly adapting to change and continuing to progress with their transactions.
“The steady interest rate environment, with the Bank of England holding rates at recent meetings, suggests a welcome calm and considered approach while inflation is monitored. At the same time, lenders continue to trim their mortgage pricing, which is helping ease affordability and is particularly welcome as the cost of living remains high.
“Sellers have plenty of choice with more stock coming to the market, which is putting them in a strong negotiating position. This is helping keep property prices in check, which should also assist in improving transaction numbers.”
BALANCED AND SUSTAINABLE
Iain McKenzie, CEO of The Guild of Property Professionals, says: “The latest transaction figures highlight the underlying resilience of the UK housing market.
“While seasonally adjusted residential transactions dipped modestly by 3% between March and April, market activity continues to hold firm against a backdrop of economic uncertainty and shifting buyer sentiment.
“The significant 53% year-on-year increase also reflects how distorted last year’s figures were following changes to SDLT thresholds, which prompted many buyers to bring transactions forward into March 2025.
“What we’re seeing now is a more balanced and sustainable market. Although buyer demand has subdued compared to last year, committed, needs-based movers continue to underpin activity. People will always move due to life events such as growing families, job relocations or relationship changes, regardless of wider economic or geopolitical conditions.
“There are also encouraging signs within the mortgage market. Inflation easing to 3%, combined with the Bank of England holding rates steady, has helped improve confidence, while lenders are sharpening their pencils and becoming increasingly competitive on mortgage pricing. As rates begin to soften again, this should help support further activity over the coming months.
“Importantly, mortgage approvals are rising and homes that are priced correctly are continuing to sell relatively quickly. However, with supply levels now at an 11-year high, the market is becoming increasingly price sensitive. Sellers who understand their local market and adopt realistic pricing strategies from the outset are the ones most likely to secure a successful sale in a reasonable timeframe.”
STEADY NOT SPECTACULAR
Amy Reynolds, head of sales at Richmond estate agency Antony Roberts, says: “On the ground, we saw some softening in initial viewing levels in April as people took stock of the situation in the Middle East and what impact this might have on borrowing costs.
“However, since then, things have picked up and even though it has been half term, we have been much busier than expected, which is hopefully sign of a more buoyant market to come.
“Transactions are being agreed at levels broadly in line with what we would expect at this time of year. The market feels steady rather than spectacular with buyers still active but more selective, more analytical on pricing and far more aware of monthly mortgage costs than they were a year ago.”
VALUE-DRIVEN MARKET
Nick Leeming, Chairman of Jackson-Stops, says: “HMRC’s figures point to a rebound in housing transactions in April 2026, although the rise needs to be viewed in the context of a highly distorted comparison period last year.
“Activity in April 2025 was unusually subdued after many buyers pulled purchases forward into March to complete ahead of stamp duty changes.
“The figures are another reminder of the extent to which stamp duty continues to drive transaction timing and market behaviour, often obscuring underlying levels of demand.
“Our research suggests that removing stamp duty land tax for downsizers alone could unlock as many as 500,000 additional homes to market within a year, improving liquidity and easing pressure across the wider housing chain.
“More broadly, [the] data reflects a market that remains active, but increasingly value-driven. Buyers are more price-sensitive than they were a year ago, and activity is most resilient where sellers price realistically and align with current market expectations.”
MARKET REFORM
Maria Harris, Chair of the Open Property Data Association, says: “While transaction levels remain under pressure, the more telling issue is the pace at which the system operates.
“With the average completion taking around 17 weeks, the home‑moving process continues to be too slow and complex for the needs of today’s consumers.
“What we are seeing is not just a cyclical slowdown, but the impact of an outdated system struggling to support a modern housing market.
“We need to accelerate the shift towards a more digital, data-driven home‑buying process – one that improves speed, certainty and trust for consumers.
“We eagerly await the outcomes of the Ministry of Housing, Communities and Local Government (MHCLG) consultation, which has recognised many of these challenges.
“The publication of its findings is an important next step in defining how the market can be reformed.”
