Residential property transactions rose by 1% in November 2025, according to the latest figures from HM Revenue & Customs (HMRC).
HMRC data shows there were 100,350 residential transactions during the month, up 1% on October and 8% higher than November 2024. It marks the highest seasonally adjusted monthly total since March 2025.
The non-seasonally adjusted figures show 103,330 UK residential transactions in November 2025, 3% lower than November 2024 and 12% lower than October 2025.
Industry reaction:
Richard Donnell, Executive Director at Zoopla said: “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.”
Tom Bill, head of UK residential research at Knight Frank: “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.”
Iain McKenzie, CEO of The Guild of Property Professionals: “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.
“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.”
Amy Reynolds, head of sales at 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.”
Ian Futcher, financial planner at Quilter: “November’s transaction figures suggest a housing market that is treading water rather than moving decisively in either direction. On a seasonally adjusted basis, residential transactions edged up to 100,350, a 1% increase on October and 8% higher than a year ago, marking the strongest reading since March. While that points to some underlying resilience, it falls short of signalling a meaningful recovery in activity.
“The non-seasonally adjusted data tells a more subdued story, with residential transactions down 12% on October and 3% lower than November last year. This reflects a market where many buyers and sellers remained hesitant, particularly as uncertainty lingered ahead of the budget and the festive period approached.
“With the budget now out of the way, there is a sense that some of that caution may begin to ease. While the introduction of a mansion tax will affect a narrow part of the market, many buyers may have been relieved that the overall package was less punitive than feared. That release of uncertainty matters for confidence, even if it does not materially change affordability overnight.
“As we move into the new year, the convergence of greater post-budget clarity, lower interest rates and a degree of pent-up demand could support a modest improvement in activity. However, stretched affordability and still-elevated borrowing costs mean any resurgence is likely to be gradual rather than dramatic.
“Overall, the data points to a market that has stabilised but is waiting for a clearer signal before moving higher. A slow return to more buoyant conditions looks far more likely than any sudden spike in transactions as we head into 2026.”
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.”
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 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.”
Read the orginal article: https://propertyindustryeye.com/property-transactions-edge-up-in-november-industry-reaction/?utm_source=rss&utm_medium=rss&utm_campaign=property-transactions-edge-up-in-november-industry-reaction
