UK residential property transactions rose in November, reaching their highest level since March, according to provisional figures from HMRC. The increase came despite clear signs of market activity cooling as the year drew to a close.
On a seasonally adjusted basis, residential transactions totalled 100,350 in November 2025. This was 1% higher than in October and 8% higher than the same month last year. The rise reflected an increase from 99,060 transactions in October, marking the strongest monthly performance since March 2025.
However, the picture was weaker when seasonal adjustments were stripped out. The non-seasonally adjusted figure stood at 103,330 transactions, down 3% year-over-year and 12% lower than October, highlighting the typical slowdown in activity ahead of the festive period.
Non-residential property transactions showed more consistent momentum. The seasonally adjusted estimate for November was 11,700, up 13% from October and 20% higher than the same period a year earlier. On a non-seasonally adjusted basis, transactions reached 11,240, representing a 12% annual increase and a slight decline compared to October.
Richard Donnell, executive director at Zoopla, said the rise in November transactions reflected deals agreed upon earlier in the year that were finally completed. He noted that sales agreed upon during spring and early summer continued to flow through to completion before the end of the year.
Donnell added that 2025 saw a steady increase in agreed-upon sales as more homes came onto the market, drawing in more buyers. Looking ahead, he said interest rates stabilising in the mid-three percent range should support activity, while pent-up demand following a pre-budget pause could drive a stronger-than-usual spring rebound.
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