Figures released over the weekend by HM Revenue & Customs show completions in the residential market have plummeted to a five year low.

Aneisha Beveridge, head of research at lettings and estate agency Hamptons, says: “HMRC stamp duty receipts published today show that in April, property completions fell to their lowest level in any month since May 2020, at the height of the Covid pandemic. 

“The figures show that in April there were 54,720 residential completions above £40,00 across Great Britain.  In May 2020, during the first lockdown, there were 45,620 such transactions.  Perhaps more interestingly, April’s figures marked a 66% decline from March 2025 volumes (162,190) when there was a fillip in sales as buyers tried to complete before the end of the stamp duty holiday.

“While it’s normal to see an uptick in transactions in the final month of a stamp duty holiday, and subsequently a hangover in the following month, this is the largest fall in transactions after a SDLT holiday ended since at least 2009.  For example, completions fell by 57% in the month following the introduction of the 3% stamp duty surcharge in April 2016. 

“That said, lower mortgage rates have offset the rise in most buyers’ stamp duty bills in recent months.  And this should support sales over the year ahead.  We expect there to be around 1.2 million completions across Great Britain this year, up from 1,076,530 in 2024.”