UK monthly property transactions commentary
Updated 30 April 2025
© Crown copyright 2025
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1. Headline statistics
Headline statistics from the latest transactions data include:
- the provisional seasonally adjusted estimate of the number of UK residential transactions in March 2025 is 177,370, 104% higher than March 2024 and 62% higher than February 2025
- the provisional non-seasonally adjusted estimate of the number of UK residential transactions in March 2025 is 164,650, 89% higher than March 2024 and 80% higher than February 2025
- the provisional seasonally adjusted estimate of the number of UK non-residential transactions in March 2025 is 11,200, 12% higher than March 2024 and 10% higher than February 2025
- the provisional non-seasonally adjusted estimate of the number of UK non-residential transactions in March 2025 is 12,090, 7% higher than March 2024 and 37% higher than February 2025
2. Executive Summary
Figures for seasonally adjusted residential transactions in March 2025 have increased by 62% compared with 109,700 in February 2025 to 177,370 in March 2025, these numbers have been affected by the changes in Stamp Duty Land Tax Rates 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, which for first-time buyers, which was £425,000, returned to £300,000. The March transactions probably increased to take advantage of the higher thresholds that month, before the thresholds were reduced.
Seasonally adjusted non-residential transactions have also seen a substantive increase in transactions, with figures for March 2025 increasing by 10% relative to February 2025.
Non-seasonally adjusted residential transactions increased by 80% in March 2025 relative to February 2025. This is the third highest month-on-month increase since records began for non-seasonally adjusted figures, behind only March 2016 and June 2021.
Non-seasonally adjusted non-residential transactions are 37% higher relative to February 2025. Seasonally adjusted non-residential transactions are 12% higher than in March 2024.
3. 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 2025 and was updated with provisional data from completed transactions during March 2025. The next release will be published 09:30am 30 May 2025 and will be updated with provisional data from completed transactions during April 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.
4. 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.
Figure 1 demonstrates the following trends for UK residential transactions:
-
provisional figures for March 2025 increased by 62% for seasonally adjusted transactions from February 2025
-
non-seasonally adjusted transactions increased by 80% in March 2025 relative to February 2025
Figure 2 demonstrates the following trends for UK non-residential transactions:
-
seasonally adjusted transaction levels for March 2025 increased by 10% relative to February 2025
-
non-seasonally adjusted non-residential transaction figures for March 2025 increased by 37% relative to February 2025
5. 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.
5.1 Figure 3: Comparisons of non-seasonally adjusted and seasonally adjusted UK residential transactions in March between 2016 and 2025.
| Month and year | Non-seasonally adjusted | Seasonally adjusted |
|---|---|---|
| March 2016 | 171,370 | 176,700 |
| March 2017 | 105,640 | 103,730 |
| March 2018 | 95,870 | 94,080 |
| March 2019 | 95,670 | 97,750 |
| March 2020 | 86,920 | 91,020 |
| March 2021 | 174,080 | 177,190 |
| March 2022 | 109,760 | 112,270 |
| March 2023 | 95,170 | 91,490 |
| March 2024 | 87,170 | 86,810 |
| March 2025 [provisional estimates] | 164,650 | 177,370 |
5.2 Figure 4: Financial year to date (April to March) comparison of UK residential transactions between the 2015 to 2016 and 2024 to 2025 financial years.
| Financial Year | Non-seasonally adjusted | Seasonally adjusted |
|---|---|---|
| 2015 to 2016 | 1,328,510 | 1,325,530 |
| 2016 to 2017 | 1,158,330 | 1,152,350 |
| 2017 to 2018 | 1,208,010 | 1,207,450 |
| 2018 to 2019 | 1,189,620 | 1,190,650 |
| 2019 to 2020 | 1,174,380 | 1,170,140 |
| 2020 to 2021 | 1,184,690 | 1,190,960 |
| 2021 to 2022 | 1,370,360 | 1,375,880 |
| 2022 to 2023 | 1,216,930 | 1,208,620 |
| 2023 to 2024 | 1,000,650 | 1,001,420 |
| 2024 to 2025 [provisional estimates] | 1,212,790 | 1,222,820 |
Figure 5 demonstrates the following trends for UK residential transactions:
-
large peak in March 2025 due to transactions brought forward ahead of the SDLT threshold reductions
- 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
6. 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.
6.1 Figure 6: Comparisons of non-seasonally adjusted and seasonally adjusted UK non-residential transactions in March between 2016 and 2025.
| Month and year | Non-seasonally adjusted | Seasonally adjusted |
|---|---|---|
| March 2016 | 12,040 | 10,220 |
| March 2017 | 13,460 | 11,020 |
| March 2018 | 11,760 | 10,140 |
| March 2019 | 11,730 | 10,380 |
| March 2020 | 8,900 | 7,870 |
| March 2021 | 13,220 | 11,200 |
| March 2022 | 12,310 | 10,500 |
| March 2023 | 13,240 | 10,890 |
| March 2024 | 11,260 | 10,010 |
| March 2025 [provisional estimates] | 12,090 | 11,200 |
6.2 Figure 7: Financial year to date (April to March) comparison of UK non-residential transactions between the 2015 to 2016 and 2024 to 2025 financial years.
| Financial Year | Non-seasonally adjusted | Seasonally adjusted |
|---|---|---|
| 2015 to 2016 | 119,920 | 119,400 |
| 2016 to 2017 | 128,170 | 127,490 |
| 2017 to 2018 | 126,160 | 126,700 |
| 2018 to 2019 | 125,490 | 125,890 |
| 2019 to 2020 | 117,780 | 117,700 |
| 2020 to 2021 | 102,340 | 101,660 |
| 2021 to 2022 | 124,880 | 124,850 |
| 2022 to 2023 | 123,450 | 122,690 |
| 2023 to 2024 | 118,400 | 118,800 |
| 2024 to 2025 [provisional estimates] | 125,810 | 125,570 |
* 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'](https://www.gov.uk/government/collections/property-transactions-in-the-uk) collection. Contact <stamptaxes.statistics@hmrc.gov.uk> for statistical enquiries. Contact [HMRC press office](https://www.gov.uk/government/organisations/hm-revenue-customs/about/media-enquiries) for media enquiries. *[HMRC]: HM Revenue and Customs *[WRA]: Welsh Revenue Authority *[SDLT]: Stamp Duty Land Tax *[LBTT]: Land and Buildings Transaction Tax *[LTT]: Land Transaction Tax *[UK]: United Kingdom