Properties are changing hands at a fast pace, as there were 108,250 residential transactions in February, HMRC data shows.
This represents a 28% rise from February last year, as well as a 13% increase from the month before.
It’s likely this spike was caused by the stamp duty thresholds reverting to lower levels at the end of March.
Richard Donnell, executive director at Zoopla, said: “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 week’s 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 that sales agreed are 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.”
Donnell predicted sales increasing by 5% over the course of 2025, to 1.15 million.
Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “These latest transaction numbers covering mortgaged and ‘cash’ sales confirm a very strong increase in market activity over the past few months at least.
“Completed sales are a better indicator of market health than volatile house prices. There’s no doubt many purchases have been brought forward to save money before withdrawal of the stamp duty concession at the end of March.
“The inability to take advantage of that discount has coincided with a greater balance between supply and demand. As a result, in our offices, we have found that the market is settling.
“We have not lost any sales to date but that does not mean negotiations and re-negotiations have always proved straightforward.”
