UK property transactions declined by 3% between March and April 2026, according to the latest HMRC data, as the housing market contended with global economic uncertainty and geopolitical tensions.
Seasonally adjusted figures show transactions fell from 103,910 in March to 101,030 in April. The non-seasonally adjusted total stood at 85,880, representing a 16% monthly decline but a 51% increase compared to April 2025.
The year-on-year comparison reflects significantly lower transaction levels in 2025 following the conclusion of a Stamp Duty holiday, making direct comparisons challenging for market analysts.
Market conditions
Nick Leeming, Chairman at Jackson-Stops, noted that the data “reflects a market that remains active, but increasingly value-driven”. He added that buyers have become more price-sensitive than a year ago, with activity proving most resilient where sellers align with current market expectations.
Mark Harris, Chief Executive at SPF Private Clients, attributed some of the slowdown to the Middle East conflict, which has contributed to higher inflation and weaker growth. Despite the Bank of England expected to hold the base rate, several lenders including Barclays have reduced rates on various products due to improving funding conditions.
The current market dynamics reflect broader shifts in mortgage lending strategies, with lenders adjusting their offerings in response to economic conditions.
Ground-level activity
Amy Reynolds, Head of Sales at Antony Roberts, reported initial softening in viewing levels during April as prospective buyers assessed the potential impact of geopolitical events on borrowing costs. However, activity has since recovered, with the firm experiencing higher-than-expected levels of interest during the half-term period.
Reynolds described the market as “steady rather than spectacular”, with buyers remaining active but more selective and analytical about pricing. Monthly mortgage costs have become a more significant consideration than in the previous year.
Iain McKenzie, Chief Executive at The Guild of Property Professionals, emphasised the “underlying resilience” of the UK housing market despite the modest decline in transactions.
Outlook
Nathan Emerson, Chief Executive of Propertymark, cautioned that while year-on-year figures show a return to more typical transaction volumes following April 2025’s Stamp Duty threshold changes, ongoing global uncertainty requires caution regarding affordability in the coming months.
Richard Donnell, Executive Director at Zoopla, placed the 3% monthly fall in context, noting it aligns with historical patterns as households typically rush to complete sales before Easter. He reported that April sales ran 3% ahead of the previous 12-month period, with housing sales expected to reach approximately 1.2 million by the end of 2026, matching the 20-year average.
The transaction figures come as the wider property sector adjusts to economic headwinds, with commercial property projects continuing to secure funding despite market uncertainty.
Donnell suggested the figures demonstrate strong household intent to continue moving home despite higher mortgage rates and economic uncertainty, indicating fundamental demand remains intact even as buyers adopt a more cautious approach to purchasing decisions.
