UK residential property transactions rose in November, with seasonally adjusted figures reaching their highest level since March, despite signs of slowing activity as the year end approached, figures from HMRC showed.
The provisional seasonally adjusted estimate for UK residential transactions in November 2025 was 100,350, up 8% from a year earlier and 1% higher than October. By contrast, the non-seasonally adjusted figure stood at 103,330, down 3% year on year and 12% lower than in October.
According to official data, the increase in seasonally adjusted activity reflected a rise from 99,060 transactions in October to 100,350 in November. This marked the strongest monthly level since March 2025. Non-seasonally adjusted residential transactions, however, fell sharply month on month as activity slowed ahead of the festive period.
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Non-residential transactions showed stronger momentum. The provisional seasonally adjusted estimate for November was 11,700, up 13% from October and 20% higher than a year earlier. The non-seasonally adjusted figure was 11,240, 12% higher than in November 2024 and marginally lower than in October.
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.”
Ryan McGrath, director of second charge mortgages at Pepper Money, said that December’s base rate cut to 3.75% had come too late to affect November completions but pointed to improving conditions ahead.
He added:“It 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.”
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Nathan Emerson, chief executive of Propertymark, said rising seasonally adjusted sales at the end of the year were an encouraging sign. “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,” he said.
Emerson added that easing inflation and interest rates had helped bring buyers back into the market and that, despite challenges in 2025, improving affordability and clearer economic conditions could help sustain momentum into 2026.
Nick Leeming, chairman of Jackson-Stops, said that November’s figures largely reflected transactions agreed over the summer rather than a sudden market surge. He noted that higher-end properties were particularly quiet as buyers and sellers waited for budget clarity.
Leeming added that the budget has already helped restore confidence. “Just two weeks after the budget, one of our branches processed £20m in offers, signalling a busy January. While upcoming council tax changes may lead some households to reassess their spending, we do not expect this to significantly disrupt activity,” he said.
Looking ahead, he said interest rates stabilising in the mid-threes should support market momentum. “The pause ahead of the budget has created pent-up demand that is likely to feed into a stronger than usual spring bounce.
“After six years of volatility from political and economic shocks, 2026 looks set to bring a more stable and familiar housing market. November may have felt quiet, but the conditions for renewed activity are firmly in place,” he added.
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