National statistics

UK monthly property transactions commentary

Updated 28 March 2024

Headline statistics

Headline statistics from the latest transactions data include:

  • the provisional seasonally adjusted estimate of the number of UK residential transactions in February 2024 is 82,940, 6% lower than February 2023 and 1% higher than January 2024

  • the provisional non-seasonally adjusted estimate of the number of UK residential transactions in February 2024 is 73,360, 3% lower than February 2023 and 9% higher than January 2024

  • the provisional seasonally adjusted estimate of the number of UK non-residential transactions in February 2024 is 10,050, 4% higher than February 2023 and 6% higher than January 2024

  • the provisional non-seasonally adjusted estimate of the number of UK non-residential transactions in February 2024 is 9,060, 8% higher than February 2023 and 8% higher than January 2024

Executive Summary

Seasonally adjusted residential transactions in February show a second consecutive month-on-month increase, rising 1% from 81,930 in January 2024 to 82,940 in February 2024. Non-seasonally adjusted residential transactions increased by 9% in February 2024 relative to January 2024. Seasonally adjusted residential transactions are 6% lower than in February 2023.

Seasonally adjusted non-residential transactions increased by 6% relative to January 2024. This is only the second month since May 2023 in which transactions have increased or decreased by more than 1% month-on-month. Non-seasonally adjusted non-residential transactions increased by 8% relative to January 2024. Seasonally adjusted non-residential transactions are 4% higher than in February 2023.

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 March 2024 and was updated with provisional data from completed transactions during February 2024. The next release will be published 09:30am 30 April 2024 and will be updated with provisional data from completed transactions during March 2024.

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.

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 February 2021 and February 2024.

Figure 1 demonstrates the following trends for UK residential transactions:

  • provisional figures for February 2024 showed consecutive month-on-month increases in seasonally adjusted transactions

  • non-seasonally adjusted transactions increased by 9% in February 2024 relative to January 2024

Figure 2: Non-seasonally adjusted and seasonally adjusted UK non-residential property transactions by month between February 2021 and February 2024.

Figure 2 demonstrates the following trends for UK non-residential transactions:

  • seasonally adjusted transaction levels has fluctuated more in recent months, rising by 6% relative to January 2024

  • non-seasonally adjusted non-residential transaction figures have increased by 8% relative to January 2024

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 February between 2015 and 2024.

Month and year Non-seasonally adjusted Seasonally adjusted
February 2015 78,540 95,550
February 2016 91,310 106,200
February 2017 83,670 100,420
February 2018 81,730 97,380
February 2019 81,580 96,500
February 2020 82,830 97,000
February 2021 121,260 141,430
February 2022 94,090 109,740
February 2023 75,300 87,850
February 2024 [provisional estimates] 73,360 82,940

Figure 4: Financial year to date (April to February) comparison of UK residential transactions between the 2014 to 2015 and 2023 to 2024 financial years.

Financial Year Non-seasonally adjusted Seasonally adjusted
2014 to 2015 1,110,250 1,101,260
2015 to 2016 1,157,140 1,148,440
2016 to 2017 1,052,690 1,048,740
2017 to 2018 1,112,140 1,113,410
2018 to 2019 1,093,950 1,093,360
2019 to 2020 1,087,450 1,079,310
2020 to 2021 1,010,610 1,011,780
2021 to 2022 1,260,600 1,265,590
2022 to 2023 1,121,740 1,118,360
2023 to 2024 [provisional estimates] 913,570 915,450

Figure 5: Historic non-seasonally adjusted and seasonally adjusted UK residential property transactions by month between 2005 and 2024.

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 COVID-19 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 February between 2015 and 2024.

Month and year Non-seasonally adjusted Seasonally adjusted
February 2015 8,380 9,810
February 2016 8,820 9,950
February 2017 9,280 10,810
February 2018 8,930 10,370
February 2019 8,890 10,280
February 2020 8,400 9,670
February 2021 8,960 10,300
February 2022 9,340 10,730
February 2023 8,410 9,630
February 2024 [provisional estimates] 9,060 10,050

Figure 7: Financial year to date (April to February) comparison of UK non-residential transactions between the 2014 to 2015 and 2023 to 2024 financial years.

Financial Year Non-seasonally adjusted Seasonally adjusted
2014 to 2015 103,650 104,930
2015 to 2016 107,880 109,120
2016 to 2017 114,710 116,450
2017 to 2018 114,400 116,490
2018 to 2019 113,750 115,490
2019 to 2020 108,870 109,800
2020 to 2021 89,110 90,360
2021 to 2022 112,560 114,290
2022 to 2023 110,200 111,750
2023 to 2024 [provisional estimates] 105,960 107,570

Figure 8: Historic non-seasonally adjusted and seasonally adjusted UK non-residential property transactions by month between 2005 and 2024.

Figure 8 demonstrates the following trends for UK non-residential transactions:

  • impacts from the COVID-19 pandemic resulted in the second quarter of 2020 showing 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 stamptaxes.statistics@hmrc.gov.uk for statistical enquiries.

Contact HMRC press office for media enquiries.