In response to today’s HMRC Property Transaction data which showed that UK residential transactions rose by 14% year on year in January 2025 to 95,110 transactions, Nick Leeming, Chairman of Jackson-Stops, comments:

"Momentum from the end of 2024 has carried into January, with transactions up 14% year on year. While January is typically a busy time in the market, as people use the Christmas period to plan for the year ahead, this trend has been amplified by the impending stamp duty land tax deadline, which is impacting market dynamics.

“Buyers who completed transactions this month will have breathed a sigh of relief, knowing that the new stamp duty land tax charges are set to take effect later this spring. With up to 74,000 buyers across England expected to miss the deadline next month, the pressure on the market is palpable.

“Across Jackson-Stops we observed a notable 25% increase in property listings in January compared to the previous year, ushering in the usual spring bounce ahead of schedule. Sellers are encouraged by the heightened activity in the market.

"Our offices in Chester, Cranbrook, Oxted, Truro, Dorking, and Woking have kicked off the new year with remarkable vigour. A stream of keen and committed buyers is outstripping even the most steadfast supply, highlighting the market’s dynamism that had been quietened since late-2022.

“However, completions now average 16 weeks. High interest rates have driven many buyers to move out of necessity rather than opportunity, imposing tight deadlines that are exacerbated by lengthy transactions. The impending drop in the stamp duty threshold will only add to the backlog, as buyers rush to meet fixed deadlines.”