The number of UK residential transactions estimated to have taken place in April reached 64,680, which is a 28% year-on-year decline, HM Revenue and Customs (HMRC) has revealed.

The Government’s tax collection agency found that month-on-month, this figure dropped by 64%.

The non-seasonally adjusted estimate for residential property transactions also dropped by 66% to 55,970 month-on-month in April.

March was the final month before the Government’s changes to stamp duty came into effect, and the increase from February’s total was the third highest month-on-month jump since HMRC records began for non-seasonally adjusted figures, behind only March 2016 and June 2021.

HMRC’s monthly estimates are based on its own records as well as those of Revenue Scotland and the Welsh Revenue Authority, for Stamp Duty Land Tax (SDLT), Land and Buildings Transaction Tax (LBTT) and Land Transaction Tax (LTT) in each of the three nations, respectively.

The agency's latest figures also revealed that UK non-residential property transactions dropped by 9% year-on-year to 9,410 in April, and also fell by 16% month-on-month.

Director of club and distribution at Legal & General Mortgage Services, Clare Beardmore, said: "This month’s fall in transactions is not a surprise. In March, buyers raced to meet the Stamp Duty threshold deadline, creating the ideal conditions for a month of historically frenetic activity. April was always unlikely to match these peaks. Nevertheless, the overall mood in the market is still upbeat.

"With the market moving fast and opportunities opening up, advisers can help consumers understand the choices available, and crucially, pick the right one for their situation. If you’re a first-time buyer or planning your next move, speaking to a mortgage adviser will be key to navigating the market and making smart, long-term decisions. As inflation levels out and the global markets react to U.S trade policies, a base rate cut this summer could boost affordability further, creating even more opportunities for borrowers to step onto the ladder."

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