UK residential property transactions rose slightly during June, suggesting a modest improvement in underlying housing market activity.
The provisional seasonally adjusted total reached 98,700, up by less than 1% from 98,460 in May and 2% higher than in June 2025, according to the latest HMRC property transaction figures.
On a non-seasonally adjusted basis, residential completions increased by 11% month-on-month and 6% annually to 103,050.
The figures cover UK property transactions worth at least £40,000 and remain provisional, meaning they may be revised as further tax returns are received.
ACTIVITY RECOVERS FROM STAMP DUTY DISTORTION
HMRC says the annual increase is likely to represent genuine growth in underlying market activity.
The comparison is less distorted than those for April and May, when 2025 transaction numbers were depressed after buyers brought purchases forward to beat Stamp Duty threshold changes taking effect that April.
However, completions typically take place between two and four months after an offer is accepted, meaning June’s figures reflect earlier market conditions rather than the current level of demand.
Seasonally adjusted non-residential transactions increased by 2% from May to 10,300 but remained 4% below June 2025.
The non-seasonally adjusted commercial total reached 10,640, rising by 14% month-on-month and less than 1% annually.
POLICY CERTAINTY NEEDED TO SUSTAIN MOMENTUM
Nathan Emerson, CEO at Propertymark, says: “An increase in property transactions is an encouraging sign that buyers and sellers continue to have the confidence to move despite ongoing economic and political change.
“Healthy transaction levels are essential, not only for the housing market, but for the wider UK economy, supporting jobs, investment and local communities.
“Looking ahead, however, market confidence will depend on greater policy certainty. Recent discussions around potential reforms to stamp duty and council tax, alongside broader housing policy proposals from the new Prime Minister, have created questions for many consumers.
“People are understandably reluctant to make major financial commitments if they are unsure how future tax changes could affect the cost of moving.
“Housing thrives on confidence and stability. With interest rates having stayed the same following yesterday’s decision, consumers and lenders now have greater clarity over borrowing costs, allowing households to make informed decisions about their next move.
“We now need that same level of certainty from government on its long-term housing strategy to help sustain market momentum.”
SPRING BOUNCE FALLS FLAT
Tom Bill, Head of UK Residential Research at Knight Frank, says: “The seasonal spring bounce is falling a little flat this year.
“Transaction numbers went sideways in June at a time of year when you would expect them to be increasing.
“Higher mortgage rates due to the Middle East conflict and uncertainty around property taxes have both kept demand in check, which was demonstrated by recent weak mortgage approval data.
“Andy Burnham ruled out a land value tax [last] week but activity and prices will be kept in check this summer as buyers and sellers speculate which other taxes will rise in the Budget.”
REALISTIC PRICING DEFINES THE MARKET
Iain McKenzie, CEO of The Guild of Property Professionals, comments: “June’s transaction figures show there’s still life in the housing market despite a challenging economic backdrop.
“Political uncertainty, higher mortgage rates and global events have undoubtedly caused some buyers to pause, but they’ve certainly not stopped the market.
“The increase in mortgage approvals is particularly encouraging because it suggests confidence is beginning to return, even if buyers remain cautious.
“While lenders have edged rates back up following renewed geopolitical tensions, demand hasn’t disappeared, it’s simply become more measured.
“This is no longer a market where sellers can expect buyers to compete at any price. Today’s buyers are informed, have more choice and are prepared to negotiate.
“The homes that are selling are the ones that are priced realistically from the outset. That’s the defining feature of the current market and it’s likely to remain so for the rest of the year.”
COMPLETIONS DEMONSTRATE MARKET RESILIENCE
Jeremy Leaf, north London estate agent and former RICS Residential Chairman, says: “Completed sales are always a better indicator of market strength than more volatile prices – and not just because mortgage and cash sales are included.
“Market resilience is self-evident bearing in mind these results reflect buying and selling decision-making from perhaps three or four months ago.
During that period, concerns about the consequences of the Iran war on mortgage rates and the cost of living were arguably even more relevant than they are now so prospects for a steady improvement remain.”
FASTER TRANSACTIONS COULD UNLOCK 260,000 HOMES
Nick Leeming, Chairman of Jackson-Stops, comments: “The latest HMRC figures reflect a housing market that continues to move at a measured pace, but this should not be mistaken for a lack of demand.
Our latest research shows continued intent, with 8% of homeowners in England currently planning to move or already doing so. People continue to move for work, family and lifestyle reasons, but decisions are taking longer as households weigh higher borrowing costs and wider economic uncertainty against uncertain moving timelines.
“The result is a more considered market, where transactions continue to progress at a slower, more deliberate pace.
“Reforming the home-buying and selling process must remain a priority.”
“This is further evidence that reforming the home-buying and selling process must remain a priority for our new Housing Minister and the Government. We have seen positive signs, but maintaining momentum will be essential to delivering a process that provides greater certainty for buyers and sellers while supporting a more fluid housing market.
“While no single reform will transform market activity overnight, improving the speed, transparency and predictability of transactions can help remove unnecessary barriers within the moving process and give more households the confidence to proceed.
“Our research suggests that greater certainty around transaction timelines could unlock around 260,000 additional owner-occupied homes across England within a year.
“Looking ahead, affordability and the wider economic backdrop will continue to shape activity, but improving certainty within the transaction process is one practical area where meaningful progress can be made.
“A healthier housing market is not only about encouraging more people to move, but also about making the process more efficient and predictable, giving buyers and sellers the confidence to see transactions through to completion.”
ALIGNED PRICE EXPECTATIONS SHOULD SUPPORT SALES
Jason Tebb, president of OnTheMarket, says: “The uptick in transaction numbers demonstrates the ongoing resilience of the housing market in the face of economic and political uncertainty. Buyers and sellers are adapting to changing circumstances and continuing to proceed with their transactions, rather than stepping back and delaying decisions.
“The steady interest rate environment, with the Bank of England holding base rate at five consecutive meetings, is providing a calming effect. Mortgage rates have edged higher in recent days but there haven’t been any dramatic increases.
“Historically, one of the biggest obstacles to transaction activity has been sellers holding out for prices that buyers simply weren’t prepared or able to meet.
“As expectations become more aligned with market conditions, we should see more properties priced appropriately from the outset, helping transactions progress more quickly and smoothly.”
