Accredited official statistics

UK monthly property transactions commentary

Updated 27 June 2025

Headline statistics

Headline statistics from the latest transactions data include:

  • the provisional seasonally adjusted estimate of the number of UK residential transactions in May 2025 is 81,470, 12% lower than May 2024 and 25% higher than April 2025

  • the provisional non-seasonally adjusted estimate of the number of UK residential transactions in May 2025 is 80,530, 13% lower than May 2024 and 42% higher than April 2025

  • the provisional seasonally adjusted estimate of the number of UK non-residential transactions in May 2025 is 9,760, 5% lower than May 2024 and 4% higher than April 2025

  • the provisional non-seasonally adjusted estimate of the number of UK non-residential transactions in May 2025 is 9,520, 9% lower than May 2024 and marginally lower (less than 1%) than April 2025

Executive Summary

Figures for seasonally adjusted residential transactions in May 2025 have increased by 25% compared with 65,110 in April 2025 to 81,470. These numbers have been affected by the changes in Stamp Duty Land Tax Rates in England and Northern Ireland in April 2025. On 1 April 2025, the nil-rate threshold, which had been £250,000, returned to the previous level of £125,000. The nil-rate threshold for first-time buyers also decreased on 1 April 2025, from £425,000 to £300,000. The increase in transactions for May follows decreased transactions for April, which were likely brought forward into March to take advantage of the higher thresholds.

Non-seasonally adjusted residential transactions increased by 42% in May 2025 compared to April 2025.

Seasonally adjusted non-residential transactions have also seen an increase, with figures for May 2025 increasing by 4% relative to April 2025. Seasonally adjusted non-residential transactions are 5% lower than in May 2024.

Non-seasonally adjusted non-residential transactions are marginally lower (less than 1%) relative to April 2025.

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 27 June 2025 and was updated with provisional data from completed transactions during May 2025. The next release will be published 09:30am 31 July 2025 and will be updated with provisional data from completed transactions during June 2025.

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.

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.

There is additional uncertainty in this month’s publication relating to the April and May provisional figures. This is due to a data processing issue which is expected to be resolved ahead of the next publication in July.

Figure 1: Non-seasonally adjusted and seasonally adjusted UK residential property transactions by month between May 2022 and May 2025

Figure 1 demonstrates the following trends for UK residential transactions:

  • provisional figures for May 2025 increased by 25% for seasonally adjusted transactions from April 2025

  • non-seasonally adjusted transactions increased by 42% for May 2025 relative to April 2025

Figure 2: Non-seasonally adjusted and seasonally adjusted UK non-residential property transactions by month between May 2022 and May 2025

Figure 2 demonstrates the following trends for UK non-residential transactions:

  • seasonally adjusted non-residential transaction levels for May 2025 increased by 4% relative to April 2025

  • non-seasonally adjusted non-residential transaction figures for May 2025 decreased marginally by less than 1% relative to April 2025

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 May between 2016 and 2025

Month and year Non-seasonally adjusted Seasonally adjusted
May 2016 83,000 88,560
May 2017 96,490 100,730
May 2018 95,340 100,370
May 2019 97,050 96,130
May 2020 46,160 48,320
May 2021 102,980 114,970
May 2022 99,780 107,710
May 2023 74,030 77,910
May 2024 92,920 92,380
May 2025 [provisional estimates] 80,530 81,470

Figure 4: Financial year to date (April to May) comparison of UK residential transactions between the 2016 to 2017 and 2025 to 2026 financial years

Financial Year Non-seasonally adjusted Seasonally adjusted
2016 to 2017 156,560 168,560
2017 to 2018 184,460 205,270
2018 to 2019 179,780 199,440
2019 to 2020 184,910 194,400
2020 to 2021 83,510 91,300
2021 to 2022 216,780 237,010
2022 to 2023 199,290 217,240
2023 to 2024 141,900 160,570
2024 to 2025 170,690 182,110
2025 to 2026 [provisional estimates] 137,140 146,580

Figure 5: Historic non-seasonally adjusted and seasonally adjusted UK residential property transactions by month between 2005 and 2025

Figure 5 demonstrates the following trends for UK residential transactions:

  • 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

  • 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 May between 2016 and 2025

Month and year Non-seasonally adjusted Seasonally adjusted
May 2016 9,550 10,320
May 2017 10,210 10,600
May 2018 10,060 10,470
May 2019 10,000 10,040
May 2020 5,310 5,720
May 2021 9,350 10,430
May 2022 10,340 10,960
May 2023 9,260 9,400
May 2024 10,440 10,290
May 2025 [provisional estimates] 9,520 9,760

Figure 7: Financial year to date (April to May) comparison of UK non-residential transactions between the 2016 to 2017 and 2025 to 2026 financial years

Financial Year Non-seasonally adjusted Seasonally adjusted
2016 to 2017 20,080 20,890
2017 to 2018 20,020 21,260
2018 to 2019 20,230 21,000
2019 to 2020 20,380 20,340
2020 to 2021 10,750 11,160
2021 to 2022 20,190 20,870
2022 to 2023 21,120 21,700
2023 to 2024 18,480 19,310
2024 to 2025 20,980 20,650
2025 to 2026 [provisional estimates] 19,050 19,140

Figure 8: Historic non-seasonally adjusted and seasonally adjusted UK non-residential property transactions by month between 2005 and 2025

Figure 8 demonstrates the following trends for UK non-residential transactions:

  • ahead of the Autumn Budget 2024, October 2024 saw the highest transaction figures since the introduction of these SDLT statistics in 2005

  • 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 Property Tax Statistics 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.