UK House Sales Plunge 64% in April After Stamp Duty Deadline

UK house sales plunged by 64% in April 2025 compared to March, falling to 64,680 transactions, largely due to changes in stamp duty rates that took effect on April 1. The stamp duty threshold for first-time buyers was lowered from £425,000 to £300,000, prompting a rush to complete purchases in March before the new rules led to a sharp slowdown in April activity across England, Northern Ireland, and the wider UK. Despite the drop, recent interest rate reductions have bolstered buyer and seller confidence, with some data showing a resurgence in sales agreements reaching their fastest pace in four years. The average UK house price rose by 6.4% annually in March, fueled by the pre-deadline buying surge. Experts note that while confidence dipped due to economic factors like inflation and cautious Bank of England policies, the market remains resilient, with optimism around upcoming summer activity and government reforms aimed at increasing housing supply. Analysts also highlight that April's transaction figures represent one of the lowest April sales volumes since 2016, excluding the exceptional pandemic period in 2020.