UK property transactions rose 1% in March to 104,070, from 102,750 in February, according to the latest figures from HM Revenue & Customs (HMRC).

HMRC said this was the highest monthly seasonally adjusted residential transaction figure since March 2025.

However, seasonally adjusted transaction figures were 41% lower in March 2026 than in March 2025.

HMRC said this large year-on-year decrease is driven by boosted transaction levels in March 2025 ahead of the changes to stamp duty thresholds in April 2025.

Non-seasonally adjusted residential transactions increased by 16% in March 2026 relative to February 2026.

Seasonally adjusted non-residential transactions have seen an increase, with figures for March 2026 4% higher relative to February 2026 and 6% lower than in March 2025.

Non-seasonally adjusted non-residential transactions are 38% higher relative to February 2026.

HMRC said these figures show completions which are on average two to four months after an initial offer is made on a property. They do not necessarily represent the current strength of the property market.

Jeremy Leaf, north London estate agent and former RICS residential chairman, says: “By including mortgaged, as well as cash sales, these figures provide an interesting snapshot although they cover only the early part of war in the Middle East.

“On the ground, we are seeing much the same – buyers and sellers are defying the doom mongers even though most seem to accept mortgage and inflation costs are likely to get worse before they get better.

“The need-to-moves are showing more realism when it comes to negotiations although the amount of choice of flats in particular means it is taking longer to obtain commitment and some prices are softening a little. Demand for smaller family houses has remained relatively strong as we would expect at this time of year.”