The stamp duty changes created a spike in activity in Q1 2025 as completions increased by 30% over the quarter, Landmark Information Group reveals.

The latest data shows that there was a 71% year-on-year surge in March alone as buyers rushed to complete ahead of the deadline.

From this, Landmark Information Group says there are signs of a resilient market and a stable transaction pipeline emerging.

However, beyond this anticipated surge, underlying indicators point to a more resilient property market heading into the second quarter.

Mortgage valuation volumes in Q1 2025 rose by 8% compared to Q2 2024, which itself was 9% above 2023.

Landmark says this was driven by greater interest rate stability, particularly in five-year fixed-rate deals.

In addition, sold subject to contract (SSTC) activity between February and March was up 4.4% month-on-month showing new activity entering the transaction pipeline despite the higher SDLT charges.

Meanwhile, search volumes, up 23% year-on-year in January, remained at baseline levels in February and March.

The group says these trends suggest that transaction pipeline activity is steady even after the SDLT deadline has passed.

While property listings remained high in Q1 2025, finishing 1% up on Q1 2024, reflecting a buyer’s market, demand still trailed behind, which Landmark says is likely due to challenges for consumers in accessing the necessary finance to meet asking prices.

The report also warns that broader global economic uncertainty, including the threat of new trade tariffs and potential interest rate fluctuations, could yet destabilise progress, which the group says could potentially impact lending conditions and buyer affordability.

Landmark Information Group chief executive officer Simon Brown says: This quarter’s data paints a picture of a market that remains fundamentally stable. The SDLT spike was expected, but beyond that we’re seeing meaningful signs of resilience from the market.”

“Affordability is still a challenge, but buyers remain engaged and steady mortgage conditions are improving access to finance. The opportunity now is to support this progress by making the transaction process faster, more certain and connected.”

“With the right focus, the property market can play a central role in supporting the UK’s wider economic growth. At Landmark, we’ll continue providing the insight and digital innovation the industry needs to deliver that potential.”