UK residential property transactions in September 2025 stood at 95,980 on a seasonally adjusted basis, 4% higher than the same month last year, according to data from HMRC.
Non-seasonally adjusted transactions reached 102,420, up 8% compared to September 2024 but 2% lower than August 2025.
Non-residential transactions were 9,910 on a seasonally adjusted basis, down 4% from September 2024 and slightly lower than August 2025.
The non-seasonally adjusted figure for non-residential transactions was 10,320, almost unchanged from last year and 12% higher than August 2025.
Reaction:
Richard Sexton, commercial director of HouzeCheck:
“The numbers would be higher if people weren’t hanging back for the Budget. And that doesn’t necessarily make sense. I think there’s next to no chance, for instance, that Rachel Reeves is going to introduce some radical new solution to taxing property – replacing council tax, say, with an annual levy based on a proportion of the value of each home.
“That would represent a revolutionary overhaul of the way property is taxed: the government doesn’t have the appetite for it.
“And we’re not going to get a land value tax applied equally to all land, whether or not a house has been built on it – not in a million years.
“But there is an emotional component to the decision to move home or to buy a house. People make irrational decisions and get scared even when they don’t need to.
“Once the Budget is out of the way, I think we are going to see a lot of pent-up demand bursting out of the gates.”
Melanie Spencer, growth director at Target Group:
“At first glance, this might look as though the market is a little more resilient than it has been.
“I am not sure that’s the case and I am certainly not signing up for any cautious optimism. Remember, these stats don’t count the uncertainty generated in the immediate run-up to the Budget. That has put a real brake on the market.
“Buyers have been nervous about wealth taxes, council tax re-evaluations, even mansion taxes.
“That’s why the market has stumbled a bit recently. In the longer term, I am more optimistic given the easing of mortgage costs from lenders like the Halifax. That will help restore some confidence.”
Tony Hall, head of business development at Saffron for Intermediaries:
“Today’s figures underscore the housing market’s continued resilience. Despite the summer’s debate around potential stamp duty reforms and the wider political discussion over property taxation, confidence has remained strong in the run-up to next month’s Autumn Budget.
“With inflation holding steady and speculation mounting over a possible base rate cut, lenders may soon respond with further rate reductions, offering a welcome boost to borrowers.
“As we enter a pivotal period of economic and policy change, the upcoming Budget will play a key role in shaping market momentum and buyer sentiment.
“In the meantime, as anticipation builds, expert guidance will be more important than ever.
“Brokers will be crucial in helping borrowers navigate uncertainty and make informed, confident decisions in what remains a dynamic and fast-evolving market.”
Jason Tebb, president of OnTheMarket:
“The uptick in seasonally adjusted transaction numbers indicates that the market continues to move in the right direction.
The market remains remarkably resilient despite wider economic and political concerns.
“The series of interest rate reductions over the past year has provided reassurance for buyers and sellers alike, while last month’s rate hold suggests a stable rate environment which is further helping confidence.
“Pre-Budget speculation over tax changes is creating some uncertainty, although many are proceeding with transactions regardless.
“Any government efforts to help make the home-buying journey more accessible and affordable are welcome but any changes introduced in next month’s Budget must work for the market as a whole.”
Tomer Aboody, director of MT Finance:
“With the Budget coming up and more taxes on the horizon, this transaction data suggests that some are waiting before they make their move.
“Fearing a mansion tax, among other property taxes, many will wait to see if these come about before deciding whether it’s financially viable to move.”
