Official government figures show that 108,250 residential transactions took place in the UK in February .
That’s a jaw-dropping 28% higher than February 2024 and 13% higher than January 2025 – fuelled, it’s widely believed, by many first time buyers wanting to beat the stamp duty changes which come into effect tomorrow.
Nick Leeming, chairman of lettings and estate agency Jackson-Stops, comments: “The start of 2025 was turbo charged by the encroaching changes to Stamp Duty rates as buyers looked to take advantage of the savings on offer. This was particularly prevalent across London and the South East where buyers could make the most savings. Buyers are being presented with the greatest choice of properties on the market since the pandemic – this buzz in activity is already becoming apparent across the Jackson-Stops network, with a 70% rise in completions in February 2025 compared to a year ago. Similarly, buyer interest is also increasing, with 59% of branches reporting increased enquiries in the past month.
“That being said, it is important that sellers remain realistic with pricing, particularly as buyers will now be having to factor higher stamp duty costs into their overall moving budget. For those that have just narrowly missed out, having open communication between buyers, the agent and sellers can help to avoid lengthy negotiations and remove the risk of broken chains, at all stages of the process.”
Jason Tebb, president of property portal OnTheMarket, adds: “The significant jump in transaction numbers indicates how important the stamp duty concession has been to the housing market, with buyers bringing forward purchases in order to beat the deadline. Two rate reductions in the second half of last year gave buyer and seller confidence a real boost. With one cut already this year – and more expected – there is cautious optimism. A number of lenders have recently reduced their mortgage pricing, which is helping ease affordability.
“Increased stock, as sellers try to take advantage of the spring market, means buyers have more choice than has been the case for a while. This is putting them in a stronger negotiating position and they remain price sensitive.”
And Richard Donnell, executive director at Zoopla, says: “The pipeline of housing sales has recovered over 2024 as sales volumes have grown. The size of the sales pipeline has accelerated since the Autumn Budget as many buyers hoped to beat next weeks stamp duty deadline, with a sizable jump in sales agreed in February 2025. Our data shows this will grow higher again next month in March.
“Housing market activity continues to increase despite the ending of stamp duty relief. Zoopla’s latest data shows sales agreed up five per cent year on year, with many more homes for sale. There is a stamp duty hangover effect in London where first-time buyers face the highest increase in costs of buying. We expect sales to grow 5% over 2025 to 1.15m.”
