House sales ‘plunge' in April as stamp duty deadline ends buyer stampede
There were 64,680 house sales in April – 64% lower than the 177,440 reported in March, according to estimates from HMRC.
It was also 28% lower than the 89,860 sales reported in April 2024.
HMRC said the latest figures have been affected by changes to stamp duty rates – a tax on property which applies in England and Northern Ireland.
From April 1, first-time buyers started paying stamp duty on properties costing more than £300,000. They were previously exempt from paying the tax on properties up to £425,000.
Buyers wanting to take advantage of the tax relief resulted in a stampede in the months prior to the deadline.
Lenders including Lloyds and Nationwide reported their busiest ever month of lending in March with house purchases rocketing ahead of the deadline.
Earlier this month, figures from the Office for National Statistics (ONS) showed the average UK house price increased by 6.4% annually in March as the flurry of activity provided some extra impetus for the housing market.
Jason Tebb, president of property platform OnTheMarket, said: 'April saw a plunge in transactions following March's stampede to get deals across the line and take advantage of the stamp duty holiday.
'However, despite the removal of the stamp duty concession, the market remains remarkably resilient.
'This month's interest rate reduction, the fourth since the Bank of England started cutting rates last August, has given buyer and seller confidence a welcome boost.'
Richard Donnell, executive director at Zoopla, said the latest data 'reflects the rush to beat the stamp duty holiday, which is still impacting the numbers from sales agreed three to five months ago'.
He added: 'Our latest data shows a lull in new sales over Easter but a significant pick-up in sales agreed in recent weeks, reaching their fastest pace in four years.
'This resurgence is supported by less stringent affordability testing for mortgages, a larger pool of active buyers and an increase in homes available for sale.'
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