UK property transactions in December reflected a resilient market, remaining largely level with the previous month, according to the latest HMRC data.
The provisional seasonally adjusted estimate for the month is 100,440, 5% higher than December 2024 and less than 1% lower than November 2025.
The non-seasonally adjusted estimated figure is 105,730, which reflects a 7% rise year-on-year and a 1% increase on the previous month.
The HMRC says that monthly transaction levels have remained stable since summer 2025, with the start of the 2025/26 financial year affected by transactions brought forward ahead of the SDLT threshold reductions from 1 April 2025.
Jason Tebb, president of OnTheMarket, commented: “Transaction numbers remain steady as the housing market demonstrates resilience, despite many wider economic and political concerns.”
“The series of interest rate reductions from the Bank of England have provided reassurance for buyers and sellers, and helped ease affordability. Further rate reductions this year will only strengthen the market and encourage those planning to move, enabling them to plan ahead with more confidence.”
“Now that the uncertainty created by the Budget is behind us, there is clarity and increased confidence. As some lenders reduce their mortgage rates, the early signs for this year are encouraging and most of the agents we have spoken to have seen a better start to this year than Q1 2025.”
Andrew Lloyd, managing director at Search Acumen, said: “December’s figures show a market holding the line against the usual seasonal slowdown. Transactions saw a 1% month-on-month increase, defending against the drop the festive period usually dictates. This suggests the tentative momentum we saw building in November has managed to weather the winter chill, showing surprising resilience at the tail end of a turbulent year.”
“In the residential sector, affordability constraints and mortgage pricing continued to dictate the pace of play right up to the year-end. While November showed signs of the market testing the water, December’s figures remind us that consumer confidence is still fragile. Buyers are entering 2026 with a sense of cautious optimism, waiting for definitive signs of economic stability before committing to major financial decisions.”
“December is often a race to the finish line for corporate deals, but the broader picture remains one of selective investment. The appetite is there, but high financing costs mean investors are scrutinising the long-term fundamentals of every asset more intensely than ever.”
“As we look into the first quarter of 2026, the overarching theme remains the same: the market craves certainty. Pent-up demand is building, but activity will continue to come in fits and starts until we get a stable economic and political runway.”
“For the property industry, January is the time to prepare for this returning demand. Law firms and conveyancers who used the December lull to audit their workflows, integrate AI, and digitise their due diligence will be the ones winning market share as the spring pipeline builds. The market might be in a seasonal freeze, but the firms that act now will be first out of the blocks in the new year.”
