UK monthly property transactions commentary
Updated 28 April 2023
© Crown copyright 2023
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Headline statistics
Headline statistics from the latest transactions data include:
- the provisional non-seasonally adjusted estimate of the number of UK residential transactions in March 2023 is 94,870, 14% lower than March 2022 and 26% higher than February 2023
- the provisional seasonally adjusted estimate of the number of UK residential transactions in March 2023 is 89,560, 19% lower than March 2022 and 1% higher than February 2023
- the provisional non-seasonally adjusted estimate of the number of UK non-residential transactions in March 2023 is 13,040, 6% higher than March 2022 and 59% higher than February 2023
- the provisional seasonally adjusted estimate of the number of UK non-residential transactions in March 2023 is 10,640, 3% higher than March 2022 and 12% higher than February 2023
Executive Summary
Towards the end of 2022, mortgage and interest rates increased, leading to a decline in residential property transactions in recent months. However, seasonally adjusted residential and non-residential property transactions in March have increased in comparison to February.
About this release
These HM Revenue and Customs (HMRC) National Statistics provide monthly provisional estimates of residential and non-residential property transactions in the UK and its constituent countries.
These statistics are based upon records by HMRC, Revenue Scotland and the Welsh Revenue Authority (WRA) for Stamp Duty Land Tax (SDLT), Land and Buildings Transaction Tax (LBTT) and Land Transaction Tax (LTT) respectively.
The latest release was published 09:30am 28 April 2023 and was updated with provisional data from completed transactions during March 2023. The next release will be published 09:30am 31 May 2023 and will be updated with provisional data from completed transactions during April 2023.
The ‘Monthly property transactions completed in the UK with value of £40,000 or above’ statistical release is Crown Copyright. The information can be used as long as the source is clearly described.
The data within these HM Revenue and Customs (HMRC) statistics does not necessarily reflect the current strength of the housing market, because they represent completions which are on average two to four months after an initial offer is made on a property.
Coronavirus (COVID-19)
On 23 March 2020 the UK government announced a UK wide lockdown, including restrictions for the property market. These restrictions were then gradually removed during the summer of 2020.
Following this first lockdown, the UK government introduced several more regional and national lockdowns in England, the last of which ended on 19 July 2021. The housing market in England remained active during all but the first lockdown.
The number of residential property transactions in the year to date (2022 to 2023) are significantly lower than they were at this point in the previous financial year (2021 to 2022). The pattern of transactions around this time was heavily affected by the pandemic and temporary reductions in stamp duty.
The latest statistics
The latest statistics section provides information on UK residential and non-residential transactions during the previous 3 years. To demonstrate any underlying trends within the data, seasonally adjusted transactions estimates are provided alongside non-seasonally adjusted estimates.
Caution is advised when interpreting estimates for the latest month due to their provisional status. This is because they are based upon incomplete data as not all SDLT, LBTT and LTT returns are received by HMRC, Revenue Scotland and WRA when figures are compiled.
We therefore expect statistics to be revised in future months, although transactions figures generally settle after approximately 3 months.
Figure 1: Non-seasonally adjusted and seasonally adjusted UK residential property transactions by month between March 2020 and March 2023.
Figure 1 demonstrates the following trends for UK residential transactions:
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UK residential transactions have declined in recent months but in March there was a slight increase in provisional property transactions this month.
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during the spring of 2020 there were substantial decreases in property transactions due to the coronavirus pandemic. UK residential transactions gradually increased in subsequent months, alongside large peaks in March, June, and September 2021 caused by temporarily increased nil rate bands of SDLT, LBTT, and LTT
Figure 2: Non-seasonally adjusted and seasonally adjusted UK non-residential property transactions by month between March 2020 and March 2023.
Figure 2 demonstrates the following trends for UK non-residential transactions:
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non-residential transaction figures appear to be rising, with provisional seasonally adjusted transactions for March at 10,740 compared to 9,510 in February.
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during April and May 2020 there were significant decreases in property transactions due to the coronavirus. Following this, non-residential transactions increased for several months, before stabilising.
UK residential transactions
Residential property refers to buildings used or suitable for use as a dwelling, or in the process of being constructed for use as a dwelling. It also includes the gardens and grounds of dwellings. Go to HMRC Stamp Duty Land Tax Manual for more definitions of residential and non-residential properties.
The following section provides detailed analysis of UK residential transactions. To demonstrate any underlying trends within the data, seasonally adjusted transactions estimates are provided alongside non-seasonally adjusted estimates.
Figure 3: Comparisons of non-seasonally adjusted and seasonally adjusted UK residential transactions in March between 2014 and 2023.
| Month and year | Non-seasonally adjusted | Seasonally adjusted |
|---|---|---|
| March 2014 | 91,570 | 101,950 |
| March 2015 | 91,490 | 97,960 |
| March 2016 | 171,370 | 174,900 |
| March 2017 | 105,640 | 103,880 |
| March 2018 | 95,870 | 93,390 |
| March 2019 | 95,670 | 97,550 |
| March 2020 | 86,920 | 90,270 |
| March 2021 | 174,080 | 174,580 |
| March 2022 | 109,760 | 110,370 |
| March 2023 [provisional estimates] | 94,870 | 89,560 |
Figure 4: Financial year to date (April to March) comparison of UK residential transactions between the 2013 to 2014 and 2022 to 2023 financial years.
| Financial Year | Non-seasonally adjusted | Seasonally adjusted |
|---|---|---|
| 2013 to 2014 | 1,133,820 | 1,139,130 |
| 2014 to 2015 | 1,201,740 | 1,199,230 |
| 2015 to 2016 | 1,328,510 | 1,323,270 |
| 2016 to 2017 | 1,158,330 | 1,152,850 |
| 2017 to 2018 | 1,208,010 | 1,206,330 |
| 2018 to 2019 | 1,189,620 | 1,190,780 |
| 2019 to 2020 | 1,174,370 | 1,169,860 |
| 2020 to 2021 | 1,184,690 | 1,184,400 |
| 2021 to 2022 | 1,370,340 | 1,379,080 |
| 2022 to 2023 [provisional estimates] | 1,201,050 | 1,191,700 |
Figure 5: Historic non-seasonally adjusted and seasonally adjusted UK residential property transactions by month between 2005 and 2023.
Figure 5 demonstrates the following trends for UK residential transactions:
- there were large peaks in transactions during March, June, and September 2021 caused by increased numbers of taxpayers taking advantage of temporarily increased nil rate bands of SDLT, LBTT, and LTT
- the coronavirus pandemic caused substantial decreases for transactions during 2020 quarter 2
- there was a large peak in March 2016 caused by increased amounts of taxpayers completing before the introduction of higher rates for additional residential properties from April 2016
- there was an unseasonal peak in December 2009 caused by the ending of a temporarily increased nil rate band for residential transactions
- the fall in transactions from late 2007 coincided with the financial crisis, before which transactions had increased steadily before peaking in mid 2006
UK non-residential transactions
Non-residential property includes, but is not limited to:
- commercial property
- agricultural land
- forests
- any other land or property which is not residential
- 6 or more residential properties bought in a single transaction
- mixed use transactions
The following section provides detailed analysis of UK non-residential transactions. To demonstrate any underlying trends within the data, seasonally adjusted transactions estimates are provided alongside non-seasonally adjusted estimates.
Figure 6: Comparisons of non-seasonally adjusted and seasonally adjusted UK non-residential transactions in March between 2014 and 2023.
| Month and year | Non-seasonally adjusted | Seasonally adjusted |
|---|---|---|
| March 2014 | 10,200 | 9,340 |
| March 2015 | 10,940 | 9,580 |
| March 2016 | 12,040 | 10,210 |
| March 2017 | 13,460 | 11,030 |
| March 2018 | 11,760 | 10,160 |
| March 2019 | 11,730 | 10,360 |
| March 2020 | 8,900 | 7,810 |
| March 2021 | 13,220 | 11,110 |
| March 2022 | 12,290 | 10,340 |
| March 2023 [provisional estimates] | 13,040 | 10,640 |
Figure 7: Financial year to date (April to March) comparison of UK non-residential transactions between the 2013 to 2014 and 2022 to 2023 financial years.
| Financial Year | Non-seasonally adjusted | Seasonally adjusted |
|---|---|---|
| 2013 to 2014 | 106,770 | 106,840 |
| 2014 to 2015 | 114,590 | 114,560 |
| 2015 to 2016 | 119,920 | 119,340 |
| 2016 to 2017 | 128,170 | 127,530 |
| 2017 to 2018 | 126,160 | 126,670 |
| 2018 to 2019 | 125,480 | 125,820 |
| 2019 to 2020 | 117,750 | 117,740 |
| 2020 to 2021 | 102,320 | 101,500 |
| 2021 to 2022 | 124,840 | 124,800 |
| 2022 to 2023 [provisional estimates] | 119,870 | 119,120 |
Figure 8: Historic non-seasonally adjusted and seasonally adjusted UK non-residential property transactions by month between 2005 and 2023.
Figure 8 demonstrates the following trends for UK non-residential transactions:
- impacts from the coronavirus pandemic resulted in the lowest quarterly total for transactions since the introduction of these SDLT statistics in 2005
- as with UK residential transactions, the 2007 financial crisis triggered a fall in UK non-residential transactions
Contacts
The ‘Monthly property transactions completed in the UK with value with value of £40,000’ or above’ statistical release is produced by the Indirect Tax Receipts Monitoring team as part of the ‘Property transactions in the UK’ collection.
Contact revenuemonitoring@hmrc.gov.uk for statistical enquiries.
Contact HMRC press office for media enquiries.