Overview
- HMRC data shows April recorded 64,680 house sales, down 64% from March’s 177,440 and 28% from April 2024’s 89,860.
- On April 1, first-time buyers lost their stamp duty exemption on properties up to £425,000 when the nil-rate threshold was reduced to £300,000.
- ONS figures indicate the average UK house price rose 6.4% year-on-year in March, supported by pre-deadline activity.
- Zoopla and OnTheMarket report that agreed home sales in May reached their highest level since the 2021 pandemic boom.
- Recent Bank of England rate cuts have bolstered buyer confidence while rising listings have expanded the pool of available homes.