UK property transactions rose 1% in March to 104,070, up from 102,750 in February, according to the latest figures from HM Revenue & Customs (HMRC).
HMRC said this was the highest monthly seasonally adjusted figure for residential property transactions 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 decline is driven by higher transaction levels in March 2025, prior to the changes to the stamp duty thresholds April 2025.
Non-seasonally adjusted residential property transactions increased by 16% in March 2026 compared to February 2026.
Seasonally adjusted non-residential transactions are on the rise, with March 2026 figures up 4% from February 2026 and down 6% from March 2025.
Non-seasonally adjusted utility transactions are 38% higher than in February 2026.
HMRC said these figures show completions taking place on average two to four months after an initial offer on a property. They do not necessarily represent the current strength of the real estate market.
Jeremy Leaf, a north London estate agent and former chairman of RICS housing development, said: “By including both mortgage and cash sales, these figures provide an interesting snapshot, even though they only cover the early part of the war in the Middle East.
“On the ground we see much the same thing: buyers and sellers are defying the doomsayers, even as most appear to be accepting mortgage costs 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 apartments in particular means it is taking longer to secure commitment and some prices are softening. Demand for smaller family homes has remained relatively strong, as we would expect at this time of year.”