HMRC has revealed that 98,450 residential transactions were completed last month, marking a 17% rise year on year.

According to its latest data, the provisional seasonally adjusted estimate of the number of UK residential transactions in May 2026 stood at 98,450, 2% lower relative to April 2026’s 100,440 transactions.

Meanwhile, the non-seasonally adjusted estimate of the number of UK residential transactions stood at 92,390, 13% higher than May 2025 and 7% higher than April 2026.

HMRC said the increase reflected lower transaction levels in April and May last year, when activity fell following changes to stamp duty land tax thresholds.

It added that transactions were brought forward into March 2025 ahead of the changes, leading to fewer completions in the following months.

Nathan Emerson, chief executive at Propertymark, said the increases were an “encouraging sign that buyers and sellers continue to have the confidence to move despite ongoing economic pressures”.

“Our member agents are reporting that well-priced homes continue to attract strong interest, particularly where there is a good choice of stock available,” he added.

“However, maintaining this momentum will depend on improving housing supply and creating greater certainty for consumers. Stable economic conditions, affordable borrowing and policies that support home ownership are all essential if we are to keep the market moving and give people the confidence to make long-term decisions.”

Earlier this month, a Housing, Communities and Local Government Committee report called on the government to launch a consultation into possible alternatives for stamp duty land tax, claiming the current version “ultimately damages the economy”.

The committee said government should launch a consultation before the end of the year, calling on it to consider factors including “revenue-raising power, impact on friction in the property market, progressiveness and fairness”.