UK monthly property transactions commentary
Updated 28 March 2025
© Crown copyright 2025
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1. Headline statistics
Headline statistics from the latest transactions data include:
- the provisional seasonally adjusted estimate of the number of UK residential transactions in February 2025 is 108,250, 28% higher than February 2024 and 13% higher than January 2025
- the provisional non-seasonally adjusted estimate of the number of UK residential transactions in February 2025 is 90,430, 24% higher than February 2024 and 10% higher than January 2025
- the provisional seasonally adjusted estimate of the number of UK non-residential transactions in February 2025 is 10,090, 1% higher than February 2024 and 8% higher than January 2025
- the provisional non-seasonally adjusted estimate of the number of UK non-residential transactions in February 2025 is 8,800, 2% lower than February 2024 and 4% higher than January 2025
2. Executive summary
Figures for seasonally adjusted residential transactions have seen a considerable increase in the lead up to the change in Stamp Duty Land Tax rates in April 2025. Figures for February 2025 increased by 13% from 95,790 in January 2025 to 108,250 in February 2025. Non-seasonally adjusted residential transactions increased by 10% in February 2025 relative to January 2025.
Seasonally adjusted non-residential transactions have also seen a substantive increase in transactions, with figures for February 2025 increasing by 8% relative to January 2025. Non-seasonally adjusted non-residential transactions are 4% higher relative to January 2025. Seasonally adjusted non-residential transactions are 1% higher than in February 2024.
3. About this release
These HM Revenue and Customs (HMRC) National Statistics provide monthly provisional estimates of residential and non-residential property transactions in the UK and its constituent countries. National Statistics are accredited official statistics.
These statistics are based upon records by HMRC, Revenue Scotland and the Welsh Revenue Authority (WRA) for Stamp Duty Land Tax (SDLT), Land and Buildings Transaction Tax (LBTT) and Land Transaction Tax (LTT) respectively.
The latest release was published 09:30am 28 March 2025 and was updated with provisional data from completed transactions during February 2025. The next release will be published 09:30am 30 April 2025 and will be updated with provisional data from completed transactions during March 2025.
The ‘Monthly property transactions completed in the UK with value of £40,000 or above’ statistical release is Crown Copyright. The information can be used as long as the source is clearly described.
The data within these HM Revenue and Customs (HMRC) statistics does not necessarily reflect the current strength of the housing market, because they represent completions which are on average two to four months after an initial offer is made on a property.
4. The latest statistics
The latest statistics section provides information on UK residential and non-residential transactions during the previous 3 years. To demonstrate any underlying trends within the data, seasonally adjusted transactions estimates are provided alongside non-seasonally adjusted estimates.
Caution is advised when interpreting estimates for the latest month due to their provisional status. This is because they are based upon incomplete data as not all SDLT, LBTT and LTT returns are received by HMRC, Revenue Scotland and WRA when figures are compiled. We therefore expect statistics to be revised in future months, although transactions figures generally settle after approximately 3 months.
Figure 1: Non-seasonally adjusted and seasonally adjusted UK residential property transactions by month between February 2022 and February 2025.
Figure 1 demonstrates the following trends for UK residential transactions:
-
provisional figures for February 2025 increased by 13% for seasonally adjusted transactions from January 2025
-
non-seasonally adjusted transactions increased by 10% in February 2025 relative to January 2025
Figure 2: Non-seasonally adjusted and seasonally adjusted UK non-residential property transactions by month between February 2022 and February 2025.
Figure 2 demonstrates the following trends for UK non-residential transactions:
-
seasonally adjusted transaction levels for February 2025 increased by 8% relative to January 2025
-
non-seasonally adjusted non-residential transaction figures for February 2025 increased by 4% relative to January 2025
5. UK residential transactions
Residential property refers to buildings used or suitable for use as a dwelling, or in the process of being constructed for use as a dwelling. It also includes the gardens and grounds of dwellings. Go to HMRC Stamp Duty Land Tax Manual for more definitions of residential and non-residential properties.
The following section provides detailed analysis of UK residential transactions. To demonstrate any underlying trends within the data, seasonally adjusted transactions estimates are provided alongside non-seasonally adjusted estimates.
5.1 Figure 3: Comparisons of non-seasonally adjusted and seasonally adjusted UK residential transactions in February between 2016 and 2025.
| Month and year | Non-seasonally adjusted | Seasonally adjusted |
|---|---|---|
| February 2016 | 91,310 | 106,260 |
| February 2017 | 83,670 | 100,710 |
| February 2018 | 81,730 | 97,830 |
| February 2019 | 81,580 | 97,170 |
| February 2020 | 82,830 | 97,780 |
| February 2021 | 121,260 | 143,250 |
| February 2022 | 94,090 | 111,540 |
| February 2023 | 75,300 | 89,630 |
| February 2024 | 72,820 | 84,520 |
| February 2025 [provisional estimates] | 90,430 | 108,250 |
5.2 Figure 4: Financial year to date (April to February) comparison of UK residential transactions between the 2015 to 2016 and 2024 to 2025 financial years.
| Financial Year | Non-seasonally adjusted | Seasonally adjusted |
|---|---|---|
| 2015 to 2016 | 1,157,140 | 1,148,830 |
| 2016 to 2017 | 1,052,690 | 1,048,610 |
| 2017 to 2018 | 1,112,140 | 1,113,390 |
| 2018 to 2019 | 1,093,950 | 1,092,860 |
| 2019 to 2020 | 1,087,460 | 1,079,170 |
| 2020 to 2021 | 1,010,610 | 1,013,930 |
| 2021 to 2022 | 1,260,600 | 1,263,830 |
| 2022 to 2023 | 1,121,760 | 1,117,390 |
| 2023 to 2024 | 913,480 | 914,940 |
| 2024 to 2025 [provisional estimates] | 1,046,750 | 1,044,110 |
Figure 5: Historic non-seasonally adjusted and seasonally adjusted UK residential property transactions by month between 2005 and 2025.
Figure 5 demonstrates the following trends for UK residential transactions:
- there were large peaks in transactions during March, June, and September 2021 caused by increased numbers of taxpayers taking advantage of temporarily increased nil rate bands of SDLT, LBTT, and LTT
- the COVID-19 pandemic caused substantial decreases for transactions during 2020 quarter 2
- there was a large peak in March 2016 caused by increased amounts of taxpayers completing before the introduction of higher rates for additional residential properties from April 2016
- there was an unseasonal peak in December 2009 caused by the ending of a temporarily increased nil rate band for residential transactions
- the fall in transactions from late 2007 coincided with the financial crisis, before which transactions had increased steadily before peaking in mid 2006
6. UK non-residential transactions
Non-residential property includes, but is not limited to:
- commercial property
- agricultural land
- forests
- any other land or property which is not residential
- 6 or more residential properties bought in a single transaction
- mixed use transactions
The following section provides detailed analysis of UK non-residential transactions. To demonstrate any underlying trends within the data, seasonally adjusted transactions estimates are provided alongside non-seasonally adjusted estimates.
6.1 Figure 6: Comparisons of non-seasonally adjusted and seasonally adjusted UK non-residential transactions in February between 2016 and 2025.
| Month and year | Non-seasonally adjusted | Seasonally adjusted |
|---|---|---|
| February 2016 | 8,820 | 9,920 |
| February 2017 | 9,280 | 10,820 |
| February 2018 | 8,930 | 10,380 |
| February 2019 | 8,890 | 10,310 |
| February 2020 | 8,410 | 9,720 |
| February 2021 | 8,960 | 10,330 |
| February 2022 | 9,340 | 10,740 |
| February 2023 | 8,410 | 9,640 |
| February 2024 | 8,960 | 9,950 |
| February 2025 [provisional estimates] | 8,800 | 10,090 |
6.2 Figure 7: Financial year to date (April to February) comparison of UK non-residential transactions between the 2015 to 2016 and 2024 to 2025 financial years.
| Financial Year | Non-seasonally adjusted | Seasonally adjusted |
|---|---|---|
| 2015 to 2016 | 107,880 | 109,120 |
| 2016 to 2017 | 114,710 | 116,450 |
| 2017 to 2018 | 114,400 | 116,520 |
| 2018 to 2019 | 113,760 | 115,480 |
| 2019 to 2020 | 108,880 | 109,790 |
| 2020 to 2021 | 89,120 | 90,460 |
| 2021 to 2022 | 112,570 | 114,330 |
| 2022 to 2023 | 110,210 | 111,770 |
| 2023 to 2024 | 107,130 | 108,770 |
| 2024 to 2025 [provisional estimates] | 113,360 | 113,930 |
Figure 8: Historic non-seasonally adjusted and seasonally adjusted UK non-residential property transactions by month between 2005 and 2025.
Figure 8 demonstrates the following trends for UK non-residential transactions:
- ahead of the Autumn Budget 2024, October 2024 saw the highest transaction figures since the introduction of these SDLT statistics in 2005
- impacts from the COVID-19 pandemic resulted in the second quarter of 2020 showing the lowest quarterly total for transactions since the introduction of these SDLT statistics in 2005
- as with UK residential transactions, the 2007 financial crisis triggered a fall in UK non-residential transactions
7. Contacts
The ‘Monthly property transactions completed in the UK with value with value of £40,000 or above’ statistical release is produced by the Property Tax Statistics team as part of the ‘Property transactions in the UK’ collection.
Contact stamptaxes.statistics@hmrc.gov.uk for statistical enquiries.
Contact HMRC press office for media enquiries.