HMRC figures show March activity rose to its highest level in a year
Property transactions increased in March, HM Revenue and Customs (HMRC) figures show, suggesting the UK housing market remains resilient despite ongoing economic uncertainty.
Seasonally adjusted residential transactions rose by 1% last month, increasing from 102,750 in February to 104,070 in March. The figure was the highest monthly total since March 2025.
However, transactions were 41% lower than in March 2025 on a seasonally adjusted basis. HMRC said the annual fall was due to elevated activity last year before changes to stamp duty land tax thresholds came into force in April 2025.
Non-seasonally adjusted residential transactions increased by 16% month on month in March 2026.
The non-residential market also recorded a monthly rise. Seasonally adjusted non-residential transactions were 4% higher than in February, although 6% below March 2025. On a non-seasonally adjusted basis, non-residential transactions rose by 38% from February.
“Today’s uptick in transactions suggests the market is remaining resilient, despite ongoing economic uncertainty,” said Nichola Bell, strategic partnership manager at Saffron for Intermediaries. “Demand is there for committed buyers as deals push forward but the real pressure point is delivery.
“Transactions are now taking upwards of 17 weeks, and with close to a quarter still falling through, getting deals over the line remains a significant challenge, even as sellers adjust pricing to attract buyers.
“The interest rate decision later today should bring some much-needed clarity for both buyers and sellers navigating a stop-start market. If stability continues to take hold, we could expect more consistent activity to build through the rest of the year, with professional advice playing a key role in helping borrowers secure the right deal.”
Mark Harris (pictured right), chief executive of mortgage broker SPF Private Clients, said transactions increasing month on month despite wider economic and geopolitical risks indicated the market was indeed proving resilient.
“The war in the Middle East is likely to lead to higher inflation and weaker growth, which is bound to have an impact housing market activity, and yet these figures show that transaction numbers are not only holding up but improving month-on-month,” Harris pointed out.
“Despite the Bank of England holding base rate last month, and expected to do so again this month, mortgage lenders continue to trim their rates in light of falling swap rates and a return to service standards being met.
“In further good news for borrowers, Barclays, HSBC and NatWest are all reducing their mortgage rates this week, with base-rate trackers falling below 4%.”
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