UK residential property transactions soared to 177,370 in March 2025, more than doubling the number recorded a year earlier, as landlords and buyers raced to complete deals ahead of the 1 April stamp duty changes. The rush has led to one of the busiest months for completions on record, offering a much-needed boost to landlords ready to capitalise on rising demand and shifting market dynamics.
Stamp Duty shift sends sales skyward
Figures released by HM Revenue and Customs (HMRC) today revealed a staggering 104% year-on-year rise in seasonally adjusted UK residential transactions. Compared to February 2025 alone, the volume was up 62%. Non-seasonally adjusted transactions showed an even steeper month-on-month rise of 80%, reaching 164,650—marking the third highest spike since records began.
This dramatic increase came in the final month before the nil-rate stamp duty threshold dropped from £250,000 to £125,000 on 1 April 2025, and from £425,000 to £300,000 for first-time buyers. As HMRC analysts noted: “The March transactions probably increased to take advantage of the higher thresholds that month, before the thresholds were reduced.”
It’s a familiar pattern. A similar spike was observed in March 2016, when buyers hurried to beat the deadline for the introduction of higher rates on additional properties. Once again, landlords played a central role in this flurry, seizing the opportunity to expand portfolios or dispose of assets in a tax-efficient window.
Landlords poised to benefit from revived housing momentum
For professional landlords, this surge in completed transactions signals more than just a short-term blip. It suggests a potential return to market confidence following the volatility of the past few years. Seasonally adjusted residential figures haven’t hit these levels since the stamp duty holiday peaks of 2021.
Nathan Emerson, CEO of Propertymark, commented: “The rush to avoid Stamp Duty threshold changes across England and Northern Ireland spurred many people to prioritise their purchase before the recent 1 April 2025 deadline. However, it will now be key to see sustained momentum in the sector during the traditionally busy spring and summer months.”
He added: “As the housing market starts to follow the usual buoyant seasonal trends, we are likely to see an influx of properties for sale for those in a prime position to find their next ideal home.” For landlords with stock ready to let or flip, this presents a timely opportunity.
The latest data also shows that the 2024/25 financial year closed with a provisional total of 1,212,790 residential transactions (non-seasonally adjusted), a significant recovery from the previous year’s 1,000,650—a clear sign of renewed energy in the sector.
Interest rate expectations boost longer-term outlook
While the March spike is primarily attributed to tax timing, improving mortgage conditions are beginning to reshape medium-term market sentiment too. Emerson highlighted recent trends in fixed-rate mortgage offerings, noting: “Recent data demonstrates a growing array of two-year fixed-rate mortgages delivering more affordability than only twelve months previous, giving consumers more choice and greater financial flexibility.”
Much hinges on inflation. If the rate drops to 2% or below, the Bank of England may have greater leeway to cut interest rates—a move that would further stimulate housing activity and make buy-to-let financing more attractive again.
Landlords with a longer view are already watching these indicators closely. More affordable borrowing and the loosening of mortgage constraints could lead to further spikes in buyer demand—especially if wages remain steady and tenant demand continues to outstrip supply in many areas.
The full report from HMRC can be read here: UK monthly property transactions commentary – GOV.UK.
