Property transaction activity in Q4 was dampened by hesitation despite early signs of renewed momentum towards the end of December, Landmark Information Group says in its latest Residential Property Trends Report – but signs of renewed activity are emerging.
The property data company attributes external economic and fiscal factors as the cause of buyers and sellers delaying moving decisions, with the November budget prolonging uncertainty, and elevated stock levels and record asking-price reductions reinforcing a widespread ‘wait-and-see’ approach among sellers. The result, Landmark said, removed “any realistic opportunity for a bounce-back ahead of Christmas”.
However, signs of renewed activity began to emerge towards the end of December, which Landmark suggests illustrates a pause by the market, rather than a loss of activity.
“With the right, stable market conditions, the UK is entering 2026 with grounds for cautious optimism,“ Landmark said.
According to the company’s data, listing volumes across England and Wales were more resilient in the first half of the year. Activity began to slow over the summer and weakened further into Q4, with listings falling 7% year-on-year.
The subdued volumes in Q4 were reflected across the transaction pipeline, Landmark’s figures reveal. Sold subject to contract (SSTC) volumes were down 17% across the quarter compared with the same period in 2024, with November performing as the weakest month of the year, down 25% in year-on-year SSTC volumes.
The data also shows that mortgage valuation activity was suppressed in Q4 compared to the first three quarters of the year. The final three months were down 0.2% compared to the same period in 2024, whereas the first three quarters of the year saw activity 12.2% higher year on year.
Meanwhile, property search order volumes, which were broadly in line with 2024 levels ahead of the Budget, weakened through November and December. As a result, Q4 search activity finished 19% lower than in Q4 2024.
This trend carried through to completed sales, with completion volumes in Q4 – which typically tends to see higher volumes as buyers and sellers rush to move before Christmas – also reflecting the loss of momentum seen through the second half of the year – volumes were down 6% compared with the same period in 2024.
“The pent-up demand building across the market means we enter 2026 with grounds for cautious optimism about the market’s trajectory, should conditions remain conducive and stable,” Landmark said. “However, improving confidence and driving reform remain critical.”
Commenting on what the trends mean for conveyancers, Rob Gurney, managing director of Ochresoft, Landmark Information Group, said:
“Looking at the relationship between completions and new instructions helps explain how the Q4 slowdown played out for conveyancers. The widening gap between the two through October, November and into December was driven by a decline in new instructions as external economic and policy factors led clients to pause before committing to new cases.
“While there was a seasonal uplift in completions ahead of Christmas, the lack of new cases entering the pipeline was the dominant factor for conveyancers, highlighting how hesitation earlier in the quarter could have led to lower numbers of new instructions.”
Simon Brown, CEO of Landmark Information Group, added:
“By the end of 2025, it was clear that the market had entered a holding pattern. Uncertainty and speculation surrounding the Autumn Budget led many buyers and sellers to pause decisions and delay moving plans.
“Record asking-price reductions, easing mortgage rates and signs of renewed activity towards the end of December all point towards the potential for pent-up demand to progress into 2026; offering cause for cautious optimism.
“As we look ahead, restoring confidence will be critical. Alongside stable economic conditions, improving the speed and certainty of the transaction process must remain a priority if we are to convert that underlying appetite to move into sustainable market momentum and unlock the wider economic value of home buying and selling.”
Elizabeth Jarvis, divisional director of legal and search, said:
“The slowdown in property search activity through November and December reflects how the transaction pipeline remains vulnerable to external shocks, with the usual seasonal downturn coming earlier in 2025.
“Buyers may have been holding off on committing to a move due to the Autumn Budget speculation, which is reflected in the lower volumes of search order volumes seen across the quarter. Looking ahead to 2026, renewed confidence, easing borrowing costs and progress towards a more efficient transaction process will be key to unlocking pent-up demand and driving the uplift in transactions that the sector needs.”
Landmark Residential Property Trends Report (England and Wales): Q4 2025
