The latest HMRC statistics show that on a seasonally adjusted basis, residential housing transactions totalled 100,350 in November - 8% higher than November 2024 and 1% higher than October.
Non-seasonally adjusted transactions were 3% lower than November 2024 and 12% lower than October 2025.
Residential property transactions rose 12% between January and November 2025, compared to the same period in 2024 – pointing to a housing market that held up well through tax changes and Budget uncertainty.
Last year there were two key moments that could have stifled activity. In April, the nil-rate threshold for stamp duty dropped from £250,000 to £125,000, meaning buyers faced higher tax bills. This triggered a rush of transactions in March, a drop in April, with activity picking up again afterwards showing that underlying demand remained strong.
There was also a period of uncertainty ahead of the Autumn Budget in November, where there were many questions around how property might be affected. Despite this, transaction levels across January – November remained higher than the year before.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Despite everything thrown at it last year, the housing market kept on moving. Buyers adjusted to stamp duty changes and Budget uncertainty without stepping away altogether, which is exactly what resilience looks like.
“We don’t know what the year ahead will bring, and there will always be curveballs, but last year showed that the market can absorb change and keep functioning. That adaptability gives buyers and sellers something to feel confident about – they can see the market might not always be perfect, but it is resilient.”
Amy Reynolds, head of sales at Richmond estate agency Antony Roberts, commented: “Although these transaction numbers are a little dated, reflecting a period where there was plenty of uncertainty in the market, since then there have been clear signs that the market is on a more positive footing. It isn’t a market that is racing ahead, but it does feel smoother and more predictable.
"The recent reduction in base rate, with markets also pricing in the possibility of a further cut early this year, brings us closer to the widely-anticipated neutral rate of around 3 to 3.5%.
"For buyers, this is already feeding through to more competitive mortgage pricing and renewed confidence, which should underpin transaction volumes and support modest price growth, rather than a sharp rebound or further correction. This will present some opportunities for buyers who have been waiting to make their move."
Tony Hall, head of business development at Saffron for Intermediaries, added: “Despite the Autumn Budget at the end of November, which introduced tax changes including a high-value council tax surcharge and a 2% rise in property-related tax rates that will impact landlords in the year ahead, there was little immediate disruption to the housing market. It is therefore no surprise that transactions increased as buyers and investors moved to complete purchases ahead of these changes. High-street, specialist and complex lenders continue to develop innovative products to meet borrowers’ needs, while competition across the market is keeping mortgage rates attractive.”
