Estate agency activity slowed sharply at the end of 2025 as uncertainty around the Autumn Budget prompted many vendors to delay listing decisions, Landmark Information Group’s latest Residential Property Trends Report reveals.
The Q4 2025 data shows that listing volumes across England and Wales fell 7% year on year in the final quarter, following around 18 months of consistently strong supply earlier in the year.
Landmark says activity weakened over the summer before stalling further into Q4, reflecting a widespread “wait-and-see” approach among sellers.
This hesitation fed through the transaction pipeline. Sold Subject to Contract (SSTC) volumes were down 17% across the quarter compared with the same period in 2024, with November the weakest month of the year. Completions also fell back, down 6% year on year, despite Q4 typically being a stronger period as buyers and sellers rush to move before Christmas.
TALE OF TWO HALVES
Ben Robinson, managing director of Landmark Estate Agency Services, says: “The data shows that 2025 was a tale of two halves for property listings.
“After a sustained period of strong supply, the fall in listings from the end of the summer could indicate sellers taking a ‘wait-and-see’ approach as Budget uncertainty intensified, particularly through October and November.
“With asking-price reductions widespread, and ample housing stock available there is underlying intent. As market conditions stabilise, this points to delayed activity that could re-enter the market quickly, provided confidence improves and market conditions are favourable.”
Landmark’s report suggests the slowdown was driven by hesitation rather than a lack of demand. Property search order volumes weakened through November and December, leaving Q4 activity 19% lower than a year earlier, while elevated stock levels and record asking price reductions limited any chance of a pre-Christmas bounce.
HOLDING PATTERN
Simon Brown (main picture, inset), Chief Executive of Landmark Information Group, says: “By the end of 2025, it was clear that the market had entered a holding pattern.
“Uncertainty and speculation surrounding the Autumn Budget led many buyers and sellers to pause decisions and delay moving plans.
“Record asking-price reductions, easing mortgage rates and signs of renewed activity towards the end of December all point towards the potential for pent-up demand to progress into 2026; offering cause for cautious optimism.”
“Restoring confidence will be critical.”
And he adds: “As we look ahead, restoring confidence will be critical. Alongside stable economic conditions, improving the speed and certainty of the transaction process must remain a priority if we are to convert that underlying appetite to move into sustainable market momentum and unlock the wider economic value of home buying and selling.”
In contrast, Scotland’s estate agency market showed greater resilience, with December outperforming the same month in 2024 as pent-up demand began to feed through.
Landmark says that the divergence highlights the importance of policy clarity in maintaining momentum.
The group adds that while Q4 was challenging for agents, the combination of delayed listings and underlying demand means there is potential for activity to return quickly in 2026 if confidence improves.
