Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.

HMRC Reports 2% Drop in UK Property Transactions for May

The number of UK residential property transactions in May 2026 was 98,450, according to the latest HMRC figures. This represents a 2% decrease compared to April, but a 17% increase compared to May last year.

HMRC attributes the year-on-year increase to lower transaction levels in April and May 2025, following changes to Stamp Duty Land Tax (SDLT) thresholds. Many transactions were brought forward into March 2025 ahead of these changes, resulting in fewer completions in the subsequent months.

The provisional non-seasonally adjusted estimate for UK residential transactions in May stood at 92,390, which is 7% higher than April and 13% above May last year. For non-residential transactions, the provisional seasonally adjusted estimate for May is 10,080, which is marginally lower than the same period 12 months ago and marginally higher than April. The provisional non-seasonally adjusted estimate for non-residential transactions in May is 9,380, 4% lower than May last year and 5% lower than April 2026.

Industry commentary in the Mortgage Strategy report notes that the annual comparison is affected by the impact of last year’s SDLT changes, which led to a temporary drop in activity in spring 2025. The figures are described as reflecting deals agreed earlier in the year, and do not capture more recent developments in the market.

For letting agents and inventory clerks, these transaction trends may signal ongoing fluctuations in market activity, with transaction volumes influenced by fiscal policy changes and broader economic factors.