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UK House Sales Fall 64% in April After Stamp Duty Holiday Ends

Lower borrowing costs have fuelled a rebound that sent May’s agreed sales to a four-year high.

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April was the slowest month for completions since May 2020
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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.