In April, there were only 64,680 residential property sales, down a staggering 64% on March 2025 when there were 177,440 transactions. Even looking at last year, sales were down 28% from April 2024 at 89,860 based on seasonally adjusted sales, HMRC figures showed.

Commercial property sales even fell between March and April 2025, although only by 16%.

Stamp duty land tax (SDLT) hikes from 1 April saw the £250,000 reduced nil-rate threshold slashed to the old figure of £125,000 while the band for first-time buyers was cut to £300,000 from £425,000, which influenced the sharp increase in transactions in February and March then the slump in April.

Karen Noyem, mortgage expert at Quilter, said: ‘History tells us that when temporary tax reliefs drive the market, they often create frenzied spikes followed by sharp slowdowns. We saw this during the pandemic, and these figures are just another reminder that short-term incentives don’t guarantee long-term stability.

‘However, don’t write off the market just yet. With the Bank of England trimming interest rates to 4.25%, mortgage rates have been drifting lower, with sub-4% deals becoming more common.’

The only time since 2016 when former chancellor George Osborne radically overhauled SDLT that the figures have been this low was in 2020, at the start of the pandemic with just 37,350 sales in April 2020 when the government shut down estate agents. Prior to this the April figure stood around a steady 90,000 except for during the 2008-09 crash.

Government intervention in 2021, again to deal with pandemic woes, saw SDLT rates slashed leading to a large peak in sales in 2021, also aided by record low mortgage interest rates of 2.65% on offer.

Jonathan Harford, managing director at Fine & Country said: ‘April’s slowdown reinforces the market’s sensitivity to incentives. The stamp duty changes clearly spurred a flurry of activity, and further targeted measures could provide the spark needed to build sustained momentum.

‘To turn the page on April’s figures and head into the summer and 2025 on stronger footing, continued inflation control, potential future rate reductions, and real progress on affordability will be key, especially for aspiring homeowners looking to take their first step.’