The latest data from the HMRC shows that the seasonally adjusted estimate of UK residential transactions rose by 8% annually in November 2025.
There was a seasonally adjusted estimate of 100,350 transactions recorded during the month, which also represents a 1% increase from October 2025 and the highest number of transactions since March 2025.
The non-seasonally adjusted estimate for November 2025 is 103,330 transactions, 3% lower than November 2024 and 12% lower than October 2025.
Nick Leeming, chairman of Jackson-Stops, commented: “November’s HMRC figures may look like a sudden bounce, but they largely reflect the busy summer period feeding through into completed transactions. In reality, and particularly for higher valued properties, the market spent much of November on pause as buyers and sellers waited for clarity ahead of the Budget.”
“Now that the Budget has passed, clarity is already helping confidence return. Just a fortnight after the Budget, one of our branches processed £20million worth of offers, pointing to a very busy January. While upcoming council tax changes will prompt some households to reassess affordability and running costs, particularly at the upper end of the market, they are unlikely to derail activity. Instead, we expect to see continued recalibration as buyers and sellers adjust expectations.”
“With interest rates expected to settle in the mid-threes, something many lenders have already priced in, the improving outlook for 2026 is restoring momentum. The pause ahead of the Budget has created pent-up demand that is set to flow into the traditional spring bounce that should be more pronounced than the long-term norm.”
“After almost six years of exceptional volatility following the Boris Bounce, Covid and repeated fiscal shocks, 2026 is shaping up to be a return to a more stable and recognisable housing market. November may show a market on pause, but the foundations for renewed activity are firmly in place.”
Mark Tosetti, CEO of CAL (part of Movera), commented: “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.”
Jason Tebb, president of OnTheMarket, said: “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.”
