Property Watch – September 2022 UK residential property transactions

The graph below shows the UK housing market transactions for the years 30 September 2021 and 2022 as reported by HMRC through Stamp Duty Land Tax (SDLT) reporting.

Property Watch September 2022
* July to September 2022 figures are provisional due to delays in collecting all relevant SDLT reporting.

The table above shows:

  • The September 2022 residential property transactions were 32.2% down from September 2021 but only 0.2% down from August 2022.
  • The September 2021 transactions were materially higher than normal due to the end of the £250k SDLT holiday during COVID which explains the significant difference between the years.
  • Not shown in the above graph, but the September 2022 transactions were higher than the September 2019 (pre-COVID) transactions by 12,800 transactions (12.9% higher).
  • Despite the material economic uncertainty which was exasperated by the mini-budget announcements and the Bank of England base rate increasing to 2.25% on 22 September 2022 from 1.75% in August 2022 (0.1% in September 2021) the residential property transactions remained strong in this month.

Key points to note:

  • The transaction spikes in March 2021 and June 2021 were a result of the expected and extended end to the £500k SDLT holiday enacted in response to the COVID-19 pandemic.
  • The September 2021 transaction spike was a result of the end of the £250k SDLT holiday enacted in response to the COVID-19 pandemic.

Mini Budget and recent events

In last month’s circular, which can be viewed HERE, I summarised the SDLT changes in the ‘mini budget’ that took place on 23 September 2022.

There have been a number of reversals of the announcements made in the mini-budget but the SDLT changes have been retained.

There is often a delay in the housing market to respond to wider economic trends. As we move towards winter and homeowners really start to feel the pressure of the economic downturn and the fuel price crisis one would expect a downturn in the reported housing transactions over the next couple of months.

Ballards LLP’s property team has extensive experience acting for property-related businesses and can assist investors, developers and associated trades with all financial property matters including; tax-efficient structuring, SDLT planning, Annual Tax on Enveloped Dwellings planning and reporting, and any other financial matters associated with property ownership. We act for all sizes of businesses.

If you would like to find out how we can help please contact Martin Adams at or on 01905 794 504.

To view past editions of this circular and other topical tax and business insights please visit:

All data is © HM Revenue & Customs.


This article has been prepared for information purposes only. Formal professional advice is strongly recommended before making decisions on the topics discussed in this release. No responsibility for any loss to any person acting, or not acting, as a result of this release can be accepted by us, or any person affiliated with us.

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