There were 105,730 residential housing transactions in December, 7% higher than December 2024 and 1% higher than November, the latest HMRC statistics show.
On a seasonally-adjusted basis, transactions were 5% higher than December 2024 and marginally lower (less than 1%) than November.
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."
Hamza Behzad, business development director at Finova, said: “Today’s figures suggest the housing market remains cautious rather than stalling, with buyers still taking time to respond to improving conditions. While mortgage product availability is at its highest level in 18 years, many households are clearly still weighing up their next move.
“Mortgage rates are lower than a year ago, which is helping to rebuild confidence, but this is shaping up to be a slow and measured recovery rather than a rapid rebound. Most forecasts continue to point to low single-digit house price growth in 2026, as buyers remain price-sensitive after a prolonged period of economic and political uncertainty.
“As large numbers of borrowers reach the end of fixed-rate deals this year, competition among lenders is intensifying, improving pricing and choice. With further rate cuts still expected, the foundations for stronger activity are being laid, even if many buyers are choosing to wait for clearer signals before committing.”
Jeremy Leaf, north London estate agent and former RICS residential chairman, added: “At a time when we might have expected more of a pause at least as these figures reflect activity particularly leading up to the Budget at the end of November, buyers and sellers have demonstrated considerable resilience.
“We have certainly noticed more activity since that time, which has resulted in more urgency although sales are still taking longer to complete."
