Residential transactions lifted 14% last month to 95,110 compared to a year ago, according to HMRC provisional seasonally adjusted estimates.
The department adds that property deals in January this year are “marginally lower, less than 1%” than in December 2024.
UK non-residential transactions in January came in 5% lower at 9,350 from the year before, and 4% lower than in December.
SPF Private Clients chief executive Mark Harris says: “Transaction numbers have picked up on the back of rate reductions and the appeal of stamp duty savings.
“The market remains quite tough but business is picking up as the sun comes out and the weather starts to improve.
Finova chief revenue officer Chris Little adds: “Following a much-anticipated cut to the base rate, today’s data is really an echo of an earlier and much less dynamic market.
“After a turgid 2024 when many aspiring buyers postponed their plans in response to an uncertain political and economic terrain, we are now seeing a widespread release of pent-up demand.
“In fact, EY ITEM Club Outlook has only recently predicted that UK mortgage lending will double in 2025 – and all the evidence suggests we are on the right track, even if it hasn’t translated into the data quite yet.”
Saffron for Intermediaries national account manager Phil Lawford points out: “The first figures for 2025 are in, and it’s clear that buyers aren’t hanging around for April’s stamp duty changes.
With stamp duty receipts up 4.95% in January compared to last year, it’s clear that buyers are keen to get ahead of the upcoming changes before the nil-rate threshold drops.
“We’re also seeing more favourable market conditions, with sub-4% deals available. As more affordable options open, homeownership is starting to feel within reach again for many.”
