The share of homes bought and resold within 12 months - commonly referred to as ‘flipping’ - fell to its lowest level in more than a decade, according to a recent report by Hamptons.

While these properties are typically bought with the intention of being renovated and sold on at a profit, Land Registry data shows that in 2025, just 1.5% of all transactions across England & Wales were flipped, down from 2.0% in 2024.

This marks the continuation of a long slowdown that began shortly after the introduction of the second home stamp duty (SDLT) surcharge in 2016, during which the number of flipped homes has halved, from 21,520 in 2016 to just 10,570 in 2025. Initially set at 3%, the surcharge was later raised to 5% in 2024, further eroding the returns that flipped properties once generated.

In 2015, just one year before the second home surcharge was introduced, the average post-SDLT gross profit on a flipped home stood at £36,500. Post-SDLT gross profit is defined as the difference between the resale price and the original purchase price, after deducting the upfront stamp duty paid. By 2025, this had fallen to £16,390, representing a 55.1% decline.

These calculations do not include typical refurbishment costs, suggesting that only a minority of flipped properties ultimately deliver a net profit. As of 2025, 73.3% of flipped homes generated a gross profit. However, once SDLT is accounted for, this figure falls to 58.7%, down from a peak of 85.9% in 2006, according to the report.