Seasonally adjusted residential transactions increased by 1% in November, from 99,060 in October 2025 to 100,350 in November 2025 – the highest seasonally adjusted residential transaction figure since March 2025.
Non-seasonally adjusted residential transactions decreased by 12% in November relative to the previous month.
Seasonally adjusted non-residential transactions also increased, with November seeing a 13% increase compared to October and 20% higher than November 2024. The increase coincides with the budget 2025, a trend also seen in 2024. Non-seasonally adjusted non-residential transactions are marginally lower (less than 1%) relative to October 2025.
Industry reaction
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.”
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.
“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.”
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.”
Richard Donnell, executive director at Zoopla:
“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.”
Nick Leeming, chairman of Jackson-Stops:
“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.”
