UK property transactions edged higher in November with residential deal volumes reaching their strongest level since the spring and commercial activity jumping sharply around the timing of the Autumn Budget.
Figures from HM Revenue & Customs published on Friday last week show that there were 100,350 residential property transactions in November, up 1% on October and 8% higher than the same month a year earlier.
It marks the highest seasonally adjusted monthly total since March 2025, suggesting a modest recovery in underlying market activity as the year drew to a close.
On a non-seasonally adjusted basis, residential transactions fell to 103,330 in November, down 12% on October and 3% lower than November 2024, reflecting the usual autumn slowdown and the impact of fewer working days.
COMMERCIAL REBOUND
Commercial property activity showed a stronger rebound. Seasonally adjusted non-residential transactions rose to 11,700 in November, up 13% on the previous month and 20% higher than a year earlier.
HMRC said the increase coincided with Budget 2025, continuing a pattern seen last year when transaction volumes rose around the Autumn Budget as buyers and sellers responded to fiscal announcements and anticipated policy changes.
On a non-seasonally adjusted basis, non-residential transactions stood at 11,240, 12% higher than in November 2024 and marginally lower than October, indicating that most of the monthly uplift was driven by underlying momentum rather than seasonal effects.
INDUSTRY REACTION
Richard Donnell, Executive Director at Zoopla, says: “The number of housing transactions was 8% higher in November 2025 as sales agreed in spring and early summer finally completed before the year-end.
“2025 was a year when the number of sales agreed continued to increase as more homes were listed for sale which bought more buyers into the market.
“The November Budget delayed buying decisions in the final quarter of the year, but we expect a rebound in buyer demand in Q1 2026 and there are early signs already feeding through since Boxing Day, which means a strong start to the year ahead. This will be welcome news for buyers and sellers.”
FIRST-TIME BUYER BOOST
Nathan Emerson, CEO at Propertymark, says: “An increase in seasonally adjusted property sales towards the end of the year is an encouraging sign for the housing market and suggests that buyer confidence has begun to return.
“With inflation and interest rates easing in the run-up to Christmas, many buyers who had been sitting on the sidelines appear to have felt more comfortable proceeding with their purchase.
“This is particularly positive for first-time buyers and home movers who have been waiting for greater stability in borrowing costs.
“While 2025 presented several challenges, including Stamp Duty changes in England and Northern Ireland, mortgage rate fluctuations, and uncertainty ahead of the Autumn Budget, today’s data indicates that the market has started to adapt. As we move into 2026, improving affordability and clearer economic conditions should help sustain momentum, provided house prices remain steady, and lending conditions continue to ease.”
STRONGER START TO THE YEAR
Iain McKenzie, CEO of The Guild of Property Professionals, says: “These figures underline the resilience of the housing market as we closed out 2025.
“The seasonally adjusted rise in transactions, up 8% year-on-year and slightly higher than October, shows that underlying demand remained strong despite months of speculation around possible property tax changes ahead of the November Budget.
“While the non-seasonally adjusted fall reflects the usual seasonal slowdown and uncertainty earlier in the autumn, it’s clear that committed buyers continued to transact.
“The second half of 2025 was defined by caution rather than collapse.”
“Looking back, the second half of 2025 was defined by caution rather than collapse. Activity held up well through the noise, and following the Budget we saw an improvement in sentiment, with many agents reporting an uptick in activity. In total, around 1.2 million homes changed hands last year, making 2025 the strongest year for transactions since 2022.
“As we move into January 2026, the market is starting from a solid base. Lower interest rates, easing mortgage costs and a more stable economic backdrop are improving confidence.
“Combined with the traditional post-Christmas uplift in activity and a large pool of pent-up demand, we expect a stronger-than-usual start to the year and a more positive outlook for transactions and prices as 2026 progresses.”
MARKET RESILIENCE
Jeremy Leaf, north London estate agent and a former RICS Residential Chairman, says: “Although covering activity over the past few months, these up-a-bit, down-a-bit figures demonstrate market resilience at a time of great uncertainty dominated by speculation about possible Budget tax increases.
“On the ground, we have seen a quiet determination among the overwhelming majority of buyers and sellers to see moves through despite some hard bargaining, a trend which has continued into the early days of the post-Christmas period.”
MORE STABILITY
Tom Bill, Head of UK Residential Research at Knight Frank, says: “Housing transactions picked up in November as supply built and some decided to act ahead of possible tax changes in the Budget.
“Mortgage rates also continued to head lower last year, which we expect to generate stability rather than the feelgood factor in the early months of 2026.
“Despite the growing risk of domestic political uncertainty, we believe house price growth should climb to 3% by the end of the year and transactions should hold steady.”
ENCOURAGING ENVIRONMENT
Jason Tebb, President of OnTheMarket, says: “Transaction numbers continue to hold up, illustrating the housing market’s remarkable overall resilience in the face of wider economic and political concerns.
“The series of interest rate reductions over the past 17 months has provided reassurance for buyers and sellers, with affordability gradually improving.
“This creates an encouraging environment for those planning a move, enabling them to plan ahead with more confidence.
“With the Budget done and dusted, uncertainty at least has been removed and those who put their moves on pause are returning to the market, encouraged by lower mortgage rates from some of the big lenders, with others expected to follow. As January progresses, well-priced homes continue to attract interest.”
POSITIVE FOOTING
Amy Reynolds, head of sales at Richmond estate agency Antony Roberts, says: “Although these transaction numbers are a little dated, reflecting a period where there was plenty of uncertainty in the market, since then there have been clear signs that the market is on a more positive footing.
“It isn’t a market that is racing ahead, but it does feel smoother and more predictable.
“The recent reduction in base rate, with markets also pricing in the possibility of a further cut early this year, brings us closer to the widely-anticipated neutral rate of around 3 to 3.5 per cent.
“For buyers, this is already feeding through to more competitive mortgage pricing and renewed confidence, which should underpin transaction volumes and support modest price growth, rather than a sharp rebound or further correction.
“This will present some opportunities for buyers who have been waiting to make their move.”
MORE TO COME
Mark Tosetti, CEO of CAL (part of Movera), says: “Mainstream buyers emerged from November’s Budget announcement relatively unscathed, so we should see transaction figures continue to pick up over the next few months.
“Many lenders lowered their rates ahead of the December base rate cut – convinced it was coming – and borrowers didn’t waste any time taking advantage of these, so it’s only a matter of time before this wave of transactions reach completion.
“Looking forward, it was disappointing that the Chancellor didn’t include any assistance for first time buyers in the Budget; but for the rest of the market, now is the time to get a new deal locked in.”
