UK property transactions rose in November 2025, with seasonally adjusted residential deals up 8% on the year and 1% on the previous month, reaching 100,350, according to the latest data from HMRC.
Non-seasonally adjusted residential transactions fell 12% compared to October 2025 and were 3% lower than November 2024 at 103,330.
Seasonally adjusted non-residential transactions increased by 20% year-on-year and 13% month-on-month to 11,700.
Non-seasonally adjusted non-residential transactions were 12% higher than last year and marginally lower than October at 11,240.
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Richard Pike, chief sales and marketing officer at Phoebus Software:
“The fall in transactions in November perhaps isn’t surprising given the uncertainty in the run-up to the Budget, with many prospective buyers putting their plans on ice the weeks before.
“We’ve seen this play through in house prices, with both Nationwide and Halifax this week reporting a fall in house prices and a slowdown in annual growth in December.
“However, with the Budget out of the way and the Bank of England’s decision to cut the base rate in December, I’m cautiously optimistic that we’ll see volumes gradually increase through 2026.
“There’s pent-up demand in the market and lenders are competing fiercely on rates, and this should help feed through into completions over the coming months.
“After a volatile few years, and with the budget out of the way, I’m hopeful that 2026 will be the year the mortgage market bounces back.”
Jonathan Stinton, head of intermediary relationships at Coventry Building Society:
“Despite everything thrown at it last year, the housing market kept on moving. Buyers adjusted to Stamp Duty changes and Budget uncertainty without stepping away altogether, which is exactly what resilience looks like.
“We don’t know what the year ahead will bring, and there will always be curveballs, but last year showed that the market can absorb change and keep functioning.
“That adaptability gives buyers and sellers something to feel confident about – they can see the market might not always be perfect, but it is resilient.”
Tony Hall, head of business development at Saffron for intermediaries:
“Despite the Autumn Budget at the end of November, which introduced tax changes including a high-value council tax surcharge and a 2% rise in property-related tax rates that will impact landlords in the year ahead, there was little immediate disruption to the housing market.
“It is therefore no surprise that transactions increased as buyers and investors moved to complete purchases ahead of these changes.
“High-street, specialist and complex lenders continue to develop innovative products to meet borrowers’ needs, while competition across the market is keeping mortgage rates attractive.
“With transactions on the rise, confidence has also been supported by the Bank of England’s decision to cut interest rates to 3.75%, helping to fuel continued optimism across the market.
“2026 will be another pivotal year for housing supply and the wider market. It is therefore more important than ever to speak with a mortgage adviser.
“Securing the right advice early can help borrowers navigate an evolving landscape before political and economic changes begin to take effect.”
Amy Reynolds, head of sales at Richmond estate agency Antony Roberts:
“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%.
“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.”
Mark Harris, CEO of SPF Private Clients:
“Transaction numbers held up in November as stability and consistency, as far as interest rates are concerned, encouraged many buyers and sellers to press ahead with their plans.
“Lenders continue to reduce their mortgage rates, with HSBC, Barclays and Halifax all cutting pricing this month, and others expected to follow suit.
“With two-year fixes starting from 3.5% and 5-year fixes from 3.7%, rates are becoming increasing palatable, which is good news for those buying and remortgaging this year.
“With perhaps up to three further base rate cuts expected by the markets this year, affordability is easing.
“However, government stimulus in the form of a revised Help to Buy scheme would help boost the number of first-time buyers in the market, which is important in increasing transaction levels up and down the property ladder.”
Jason Tebb, president of OnTheMarket:
“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.”
Richard Donnell, Executive Director at Zoopla:
“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.”
Jeremy Leaf, north London estate agent and a former RICS residential chairman:
“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.”
Tomer Aboody, director of MT Finance:
“With transaction levels higher than 12 months ago, we are seeing buyers taking advantage of lower mortgage rates, and many deciding that finally it’s time to buy.
“Although confidence in the Government is low, needs-based buyers have to move and simply can’t wait.
“We will hopefully see further activity in the form of an increase in transactions in 2026 encouraged by lower bank rates.”
Ryan McGrath, director of second charge mortgages at Pepper Money:
“The 1% rise in monthly transactions comes as a pleasant surprise, defying the market’s natural tendency to slow as the festive break approaches.
“Rather than pressing pause to wait for clarity on the Bank of England’s base rate decision, buyers demonstrated remarkable resilience, pressing ahead despite the uncertainty.
“The fact that activity was already climbing before December’s base rate cut to 3.75% signals a positive shift in momentum as we head into 2026.
“With inflation trending downwards and mortgage rates beginning to soften, the outlook for the year ahead is one of cautious optimism and returning stability. This is further illustrated by Rightmove’s recent report of their busiest ever Boxing Day, showcasing appetite amongst consumers.
“Despite this improving picture, the ‘improving vs. moving’ trend remains a dominant force. Many homeowners are still sitting on historically low fixed-rate mortgages, making the prospect of moving – and refinancing the entirety of their debt at today’s higher rates – financially unappealing.
“For these borrowers, the New Year is often a catalyst for plans to renovate or to streamline their finances through consolidating existing unsecured debt accumulated before and over the festive period.
“This is where second charge mortgages continue to play a vital role in the right circumstances.
“They allow homeowners to unlock the equity needed for home improvements or reduce their outgoings by consolidating debt without disturbing their competitive main mortgage rate – bridging the gap effectively as the market continues its recovery in 2026.”
Nathan Emerson, CEO at Propertymark:
“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.”
Mark Tosetti, CEO of CAL (part of Movera):
“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.
“Further base rate cuts may come, but with pandemic mortgage deals expected to mature thick and fast this year, getting eligible clients locked into a new fixed-rate deal as soon as possible is always going to be the best approach for brokers.”
Nicky Stevenson, managing director at Fine & Country:
“A slight uptick in sales in November reflects the typical Christmas rush to sign on the dotted line before the festivities commence. Activity levels are holding up, and the modest rise signals that buyers who are serious about moving are still going ahead with their plans.
“These figures cover the time around the Autumn Budget, when so much speculation was expected to impact the property market. This rise could be the result of buyers rushing to beat any potential negative changes in policy.
“Our agents are reporting consistent enquiry levels for homes that are well priced and presented. With more choice in many local markets, buyers are taking their time to find the right property, but when they do, they are prepared to take the next steps.
“Affordability and borrowing costs continue to shape behaviour too. Higher mortgage rates earlier in last year made some buyers cautious, but as rates have begun to ease and confidence has gradually improved, more households are taking the opportunity to move when it suits them.
“The year is already beginning on a solid footing, with the market benefitting from the traditional post-Christmas uplift in activity. The outlook appears bright for 2026, so long as market conditions remain stable.”
