UK monthly property transactions commentary
Updated 30 April 2024
© Crown copyright 2024
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Headline statistics
Headline statistics from the latest transactions data include:
- the provisional seasonally adjusted estimate of the number of UK residential transactions in March 2024 is 84,200, 6% lower than March 2023 and 1% higher than February 2024
- the provisional non-seasonally adjusted estimate of the number of UK residential transactions in March 2024 is 86,980, 9% lower than March 2023 and 20% higher than February 2024
- the provisional seasonally adjusted estimate of the number of UK non-residential transactions in March 2024 is 9,950, 9% lower than March 2023 and 1% higher than February 2024
- the provisional non-seasonally adjusted estimate of the number of UK non-residential transactions in March 2024 is 11,270, 15% lower than March 2023 and 29% higher than February 2024
Executive Summary
Seasonally adjusted residential transactions in March show a third consecutive month-on-month increase, rising 1% from 83,040 in February 2024 to 84,200 in March 2024. Non-seasonally adjusted residential transactions increased by 20% in March 2024 relative to February 2024. Seasonally adjusted residential transactions are 6% lower than in March 2023.
Seasonally adjusted non-residential transactions in March increased by 1% relative to February 2024. Non-seasonally adjusted non-residential transactions increased by 29% relative to February 2024. Seasonally adjusted non-residential transactions are 9% lower than in March 2023.
This release includes provisional data for financial year 2023 to 2024.
Seasonally adjusted residential transactions decreased by 17% on the previous financial year, falling from 1,208,310 in financial year 2022 to 2023 to 999,460 in financial year 2023 to 2024. This is the lowest level of seasonally adjusted residential transactions since financial year 2012 to 2013.
Seasonally adjusted non-residential transactions decreased by 4% on the previous financial year, falling from 122,690 in financial year 2022 to 2023 to 117,620 in financial year 2023 to 2024. This is the lowest level of seasonally adjusted non-residential transactions since financial year 2020 to 2021.
About this release
These HM Revenue and Customs (HMRC) National Statistics provide monthly provisional estimates of residential and non-residential property transactions in the UK and its constituent countries. National Statistics are accredited official statistics.
These statistics are based upon records by HMRC, Revenue Scotland and the Welsh Revenue Authority (WRA) for Stamp Duty Land Tax (SDLT), Land and Buildings Transaction Tax (LBTT) and Land Transaction Tax (LTT) respectively.
The latest release was published 09:30am 30 April 2024 and was updated with provisional data from completed transactions during March 2024. The next release will be published 09:30am 31 May 2024 and will be updated with provisional data from completed transactions during April 2024.
The ‘Monthly property transactions completed in the UK with value of £40,000 or above’ statistical release is Crown Copyright. The information can be used as long as the source is clearly described.
The data within these HM Revenue and Customs (HMRC) statistics does not necessarily reflect the current strength of the housing market, because they represent completions which are on average two to four months after an initial offer is made on a property.
The latest statistics
The latest statistics section provides information on UK residential and non-residential transactions during the previous 3 years. To demonstrate any underlying trends within the data, seasonally adjusted transactions estimates are provided alongside non-seasonally adjusted estimates.
The methodology for seasonal adjustments has been updated, resulting in a change in the series of seasonally adjusted transaction statistics from April 2010. For residential transactions, in most months these updates result in a change of less than 1%. The largest changes are up to 3%. For non-residential transactions, changes are between 0% and 2% for each month.
Caution is advised when interpreting estimates for the latest month due to their provisional status. This is because they are based upon incomplete data as not all SDLT, LBTT and LTT returns are received by HMRC, Revenue Scotland and WRA when figures are compiled.
We therefore expect statistics to be revised in future months, although transactions figures generally settle after approximately 3 months.
Figure 1: Non-seasonally adjusted and seasonally adjusted UK residential property transactions by month between March 2021 and March 2024.
Figure 1 demonstrates the following trends for UK residential transactions:
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provisional figures for March 2024 showed a third consecutive month-on-month increase in seasonally adjusted transactions
-
non-seasonally adjusted transactions increased by 20% in March 2024 relative to February 2024
Figure 2: Non-seasonally adjusted and seasonally adjusted UK non-residential property transactions by month between March 2021 and March 2024.
Figure 2 demonstrates the following trends for UK non-residential transactions:
-
Changes in seasonally adjusted transaction levels have remained steady, rising by 1% relative to February 2024
-
non-seasonally adjusted non-residential transaction figures have increased by 29% relative to February 2024
UK residential transactions
Residential property refers to buildings used or suitable for use as a dwelling, or in the process of being constructed for use as a dwelling. It also includes the gardens and grounds of dwellings. Go to HMRC Stamp Duty Land Tax Manual for more definitions of residential and non-residential properties.
The following section provides detailed analysis of UK residential transactions. To demonstrate any underlying trends within the data, seasonally adjusted transactions estimates are provided alongside non-seasonally adjusted estimates.
Figure 3: Comparisons of non-seasonally adjusted and seasonally adjusted UK residential transactions in March between 2015 and 2024.
| Month and year | Non-seasonally adjusted | Seasonally adjusted |
|---|---|---|
| March 2015 | 91,490 | 98,260 |
| March 2016 | 171,370 | 175,910 |
| March 2017 | 105,640 | 103,770 |
| March 2018 | 95,870 | 93,320 |
| March 2019 | 95,670 | 97,420 |
| March 2020 | 86,920 | 90,600 |
| March 2021 | 174,080 | 175,950 |
| March 2022 | 109,760 | 111,040 |
| March 2023 | 95,160 | 90,050 |
| March 2024 [provisional estimates] | 86,980 | 84,200 |
Figure 4: Financial year to date (April to March) comparison of UK residential transactions between the 2014 to 2015 and 2023 to 2024 financial years.
| Financial Year | Non-seasonally adjusted | Seasonally adjusted |
|---|---|---|
| 2014 to 2015 | 1,201,740 | 1,199,440 |
| 2015 to 2016 | 1,328,510 | 1,324,390 |
| 2016 to 2017 | 1,158,330 | 1,152,620 |
| 2017 to 2018 | 1,208,010 | 1,206,610 |
| 2018 to 2019 | 1,189,620 | 1,191,040 |
| 2019 to 2020 | 1,174,370 | 1,169,870 |
| 2020 to 2021 | 1,184,690 | 1,189,010 |
| 2021 to 2022 | 1,370,360 | 1,376,080 |
| 2022 to 2023 | 1,216,910 | 1,208,310 |
| 2023 to 2024 [provisional estimates] | 1,000,100 | 999,460 |
Figure 5: Historic non-seasonally adjusted and seasonally adjusted UK residential property transactions by month between 2005 and 2024.
Figure 5 demonstrates the following trends for UK residential transactions:
- there were large peaks in transactions during March, June, and September 2021 caused by increased numbers of taxpayers taking advantage of temporarily increased nil rate bands of SDLT, LBTT, and LTT
- the COVID-19 pandemic caused substantial decreases for transactions during 2020 quarter 2
- there was a large peak in March 2016 caused by increased amounts of taxpayers completing before the introduction of higher rates for additional residential properties from April 2016
- there was an unseasonal peak in December 2009 caused by the ending of a temporarily increased nil rate band for residential transactions
- the fall in transactions from late 2007 coincided with the financial crisis, before which transactions had increased steadily before peaking in mid 2006
UK non-residential transactions
Non-residential property includes, but is not limited to:
- commercial property
- agricultural land
- forests
- any other land or property which is not residential
- 6 or more residential properties bought in a single transaction
- mixed use transactions
The following section provides detailed analysis of UK non-residential transactions. To demonstrate any underlying trends within the data, seasonally adjusted transactions estimates are provided alongside non-seasonally adjusted estimates.
Figure 6: Comparisons of non-seasonally adjusted and seasonally adjusted UK non-residential transactions in March between 2015 and 2024.
| Month and year | Non-seasonally adjusted | Seasonally adjusted |
|---|---|---|
| March 2015 | 10,940 | 9,610 |
| March 2016 | 12,040 | 10,230 |
| March 2017 | 13,460 | 11,100 |
| March 2018 | 11,760 | 10,130 |
| March 2019 | 11,730 | 10,390 |
| March 2020 | 8,900 | 7,880 |
| March 2021 | 13,220 | 11,220 |
| March 2022 | 12,300 | 10,510 |
| March 2023 | 13,240 | 10,920 |
| March 2024 [provisional estimates] | 11,270 | 9,950 |
Figure 7: Financial year to date (April to March) comparison of UK non-residential transactions between the 2014 to 2015 and 2023 to 2024 financial years.
| Financial Year | Non-seasonally adjusted | Seasonally adjusted |
|---|---|---|
| 2014 to 2015 | 114,590 | 114,550 |
| 2015 to 2016 | 119,920 | 119,370 |
| 2016 to 2017 | 128,170 | 127,550 |
| 2017 to 2018 | 126,160 | 126,630 |
| 2018 to 2019 | 125,480 | 125,930 |
| 2019 to 2020 | 117,780 | 117,690 |
| 2020 to 2021 | 102,330 | 101,640 |
| 2021 to 2022 | 124,860 | 124,850 |
| 2022 to 2023 | 123,440 | 122,690 |
| 2023 to 2024 [provisional estimates] | 117,310 | 117,620 |
Figure 8: Historic non-seasonally adjusted and seasonally adjusted UK non-residential property transactions by month between 2005 and 2024.
Figure 8 demonstrates the following trends for UK non-residential transactions:
- impacts from the COVID-19 pandemic resulted in the second quarter of 2020 showing the lowest quarterly total for transactions since the introduction of these SDLT statistics in 2005
- as with UK residential transactions, the 2007 financial crisis triggered a fall in UK non-residential transactions
Contacts
The ‘Monthly property transactions completed in the UK with value with value of £40,000’ or above’ statistical release is produced by the Indirect Tax Receipts Monitoring team as part of the ‘Property transactions in the UK’ collection.
Contact stamptaxes.statistics@hmrc.gov.uk for statistical enquiries.
Contact HMRC press office for media enquiries.