HMRC’s monthly property transactions for March 2025 showed a surge in sales as people rushed to avoid the SDLT increase on 1 April, but this is not a sign of a reviving property market.

Total property sales rose to 177,370, more than double the figures from March 2024 where the number of completed purchases was 86,810, up 104%.

The amount of tax raised are not yet available from HMRC, but February was a very strong month with tax take up 20% to £300m compared with the previous year accounting for 109,700 transactions.  The level of sales was driven by first time buyers trying to beat the end of the £250,000 tax-free SDLT threshold in March.

Karen Noye, mortgage expert at Quilter, said: ‘The surge in property transactions in March is a textbook example of how stamp duty changes can artificially distort housing market activity.