29 May 2026
If you are covering the latest UK monthly property transactions data, please see the following comment from Ian Futcher, financial planner at Quilter:
“The UK housing market has been surprisingly resilient, but cracks are slowly beginning to show as ongoing geopolitical uncertainty weighs on activity. Residential property transactions came in at 101,030 in April 2026, down 3% on the previous month.
“These figures are a lagging indicator of market health, as completions typically take several months from offer to finalisation. As a result, much of this data reflects decisions made before the outbreak of the Middle East conflict and the subsequent rise in mortgage rates, meaning the full impact of recent events is yet to feed through.
“While the Bank of England chose to hold rates at its most recent meeting, whether it can maintain that position will depend on how heavily and for how long the conflict continues to weigh on the wider economy. Mortgage rates remain elevated, despite easing slightly from recent peaks, and this is already feeding through into affordability constraints for buyers. Until there is clearer progress towards resolving the conflict, we can expect demand and overall activity to remain subdued.
“Meanwhile, on an annual basis there has been a considerable uplift, with transactions 53% higher in April 2026 than April 2025 when the market was heavily distorted by stamp duty changes. A rush to complete transactions ahead of those changes pulled activity forward into March 2025, leaving a much weaker April in its wake. Without the recent rise in mortgage rates and a softer consumer backdrop, we would likely have now been seeing a more settled market, gradually adjusting to those higher transaction costs.”
