UK Property Sales Rebound 42% – But the Bigger Picture Tells a Different Story

A dramatic rebound in UK property sales suggests the market is finding its feet again after April’s post-stamp duty dip. UK-wide property sales plummeted by 66 per cent in April following the withdrawal of stamp duty incentives – but then surged 42 per cent in May, pointing to a rapid market recovery. But while May’s recovery has settled nerves, investors would be wise to take a longer view before calling this a return to form.

The pattern was particularly pronounced in England and Northern Ireland, where buyers had rushed to complete in March to beat the tax deadline, triggering a 71 per cent and 60 per cent drop respectively in April. In contrast, Scotland and Wales, where there was no SDLT discount deadline, smaller monthly declines of -1 per cent and -20 per cent were reported.

By May, however, English property transactions climbed 52 per cent month-on-month to 66,620, while Northern Ireland saw a 51 per cent recovery with transactions rising to 80,530. Again, Wales and Scotland recorded more muted property sales rebounds of just 8 per cent and 2 per cent, underscoring how fiscal policy had driven short-term spikes in transactional activity in other parts of the UK.

Commenting on the trend, Colby Short, Co-founder and CEO of GetAgent.co.uk, which conducted the research, said: “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surge in market activity seen in March, as buyers moved quickly to benefit from stamp duty incentives before they were withdrawn.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… This rebound suggests that underlying buyer demand remains strong despite changing tax environments.”

How 2025 transaction data compares historically

While a 42 per cent rebound sounds significant, transaction volumes are still behind pre-pandemic norms. In May 2015, for instance, the UK recorded nearly 98,000 transactions – some 17,000 more than May this year. And in May 2017, the number was higher still at 96,490.

So, while the market may be recovering, investor sentiment appears to be closely tied to the wider economic landscape, which continues to shape transaction spikes and lulls in the short term.