Residential property transactions slipped by 3% in November 2025 compared to the same month a year earlier, new HMRC figures have shown.

The non-seasonally adjusted estimate of 103,330 for November was also 12% down from the total that HMRC reported in October.

HMRC’s monthly estimates for property transactions are based on its own records as well as those of Revenue Scotland and the Welsh Revenue Authority, for Stamp Duty Land Tax (SDLT), Land and Buildings Transaction Tax (LBTT) and Land Transaction Tax (LTT) in each of the three nations, respectively.

For non-residential property, the latest estimate of 11,240 transactions in November was 12% up on the same month in 2024, but marginally lower than in October by less than 1%.

Head of sales at estate agency Antony Roberts, Amy Reynolds, 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%.”

Director of specialist lender MT Finance, Tomer Aboody, added: “With transaction levels higher than 12 months ago, we are seeing buyers taking advantage of lower mortgage rates, and many deciding that finally it's time to buy. Although confidence in the Government is low, needs-based buyers have to move and simply can’t wait.

“We will hopefully see further activity in the form of an increase in transactions in 2026 encouraged by lower bank rates.”

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