UK Property Market Bounces Back After Stamp Duty Slum

The research from GetAgent.co.uk analysed Gov data on residential transaction figures across the UK market for the first five months of 2025, tracking monthly shifts in market activity following the expiry of stamp duty relief on 31st March.

It found that UK-wide property transactions fell by 66% in April compared to March, dropping from 165,510 to just 56,610.

This was largely driven by steep monthly declines in April seen across England (-71%) and Northern Ireland (-60%), where the March stamp duty deadlines had prompted a rush of completions the previous month.

In contrast, Scotland and Wales, where no such incentives were in place, saw far more marginal monthly reductions of just -1% and -20% respectively.

However, the latest data shows the market has already recovered, as UK transactions climbed by 42% in May, up to 80,530.

England once again led the rebound with a 52% increase, followed by Northern Ireland (51%).

Again, in contrast, Wales and Scotland saw more marginal increases at 8% and 2% respectively.

This trend highlights the short-term impact of fiscal deadlines on market activity, with buyers in England and Northern Ireland fast-tracking purchases in March to benefit from tax savings, followed by a brief lull in April and a swift return to more robust transaction levels in May.

Co-founder and CEO of GetAgent.co.uk, Colby Short, commented:

“The April drop-off was a predictable response to the surge in market activity seen in March, as buyers moved quickly to benefit from stamp duty incentives before they were withdrawn.

What’s telling is how rapidly the market has found its footing again with both England and Northern Ireland seeing a notable surge in market activity in May.

At GetAgent, we’re paid on completion, so we understand how stressful it can be when there’s a sudden drop in transactions and a real impact on the pipeline. That’s why it was so encouraging to see the market bounce back so quickly.

This rebound suggests that underlying buyer demand remains strong despite changing tax environments and suggests that the overarching strength and stability of the market is likely to persist over the remainder of the year.”

Data tables and sources

• *Data on the monthly number of residential property transactions completed sourced from Gov UK – Jan to May (Latest available and provisional).
• Full data tables and sources can be viewed online, here.