UK residential property transactions totalled 101,030 on a seasonally adjusted basis in April 2026, up 53 percent from a year earlier but 3 percent lower than March, according to HMRC’s latest monthly figures.
The headline annual jump looks dramatic, but HMRC made clear it was driven by an unusually weak April 2025 comparison after buyers rushed deals through before stamp duty threshold changes took effect. That leaves the monthly move – a modest pullback after March’s stronger run – as the more useful read for landlords watching market liquidity.
For landlords and buy-to-let investors, the figures point to a sales market that is still moving at a healthy level even after the spring stamp duty distortion washed through. Completions remain above the 100,000 mark on a seasonally adjusted basis, which matters for investors weighing disposal timing, portfolio reshuffles and demand from would-be first-time buyers leaving the rental sector.
April transactions stayed high, but momentum eased
HMRC said the provisional seasonally adjusted estimate for UK residential transactions fell from 103,910 in March to 101,030 in April. On a non-seasonally adjusted basis, transactions dropped 16 percent month on month to 85,880.
That softer monthly reading suggests the market cooled after March rather than accelerating into late spring. The annual comparison is still useful in one sense: it shows activity has recovered from the post-stamp-duty dip seen last year. But for landlords trying to judge current exit conditions, the month-on-month change is the better signal.
The data also comes with a lag. HMRC notes that completions typically reflect offers agreed two to four months earlier, so April’s figures do not provide a live reading of late-May demand. Even so, transaction volumes at this level still suggest the market has enough depth for landlords who need to refinance, sell stock or reallocate capital.
What HMRC’s April figures say about landlord timing
One practical takeaway for investors is that buyer activity has not collapsed after the March spike. That should offer some reassurance to landlords considering sales into a market where rent growth is still running ahead of house price growth, keeping income returns in focus.
This follows Landlord Knowledge’s April report on HMRC’s March transactions data, which found completions had climbed to a one-year high before this month’s slight retreat. The latest figures suggest that trend is stabilising rather than rolling over, with activity still firm by recent standards even after the stamp duty effect faded.
Landlords will also be watching whether steady transaction volumes translate into firmer pricing through early summer, particularly after Landlord Knowledge’s recent coverage of first-time buyers pushing into pricier homes as affordability pressures shift buyer behaviour.
The underlying message from HMRC’s latest property transactions commentary is that April’s annual surge should not be read as a fresh breakout in market strength. It is better seen as evidence that the market absorbed last year’s tax distortion and is now settling back into a more normal pattern.
What this means for landlords
- If you’re planning a sale: Buyer demand has not dropped away, but April’s monthly dip suggests pricing discipline still matters.
- Watch for: June and July transaction releases to see whether activity holds above the 100,000 seasonally adjusted level.
- Bottom line: The market still looks liquid enough for disposals, but the 53 percent annual rise flatters the true picture.
Editor’s view
April’s figures are a reminder that year-on-year headlines can mislead when tax changes distort the base. For landlords, the more useful point is that completions are still holding up after the March rush, which keeps portfolio decisions possible without pretending the market is suddenly booming.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 29 May 2026
Sources: HMRC monthly property transactions commentary, HMRC property transactions statistical release
Related reading: HMRC property transactions hit one-year high in March
