The UK housing market showed signs of resilience in October 2025, with residential property transactions reaching their highest level since March 2025. The latest data from HMRC suggests cautious confidence is returning, despite ongoing economic uncertainty.

Key Transaction Figures (October 2025)

The seasonally adjusted figure of 98,450 transactions is a key indicator, representing the strongest monthly activity since March 2025.

Market ‘Held Its Nerve’ Ahead of Budget

Iain McKenzie, chief executive of The Guild of Property Professionals, described the figures as evidence of a market that “held its nerve” through a period of uncertainty leading up to the Autumn Budget.

• Clarity Drives Action: With the Budget now confirmed, thousands of movers who were “holding their breath” now have the clarity needed to proceed with transactions.

• Needs-Based Movers: The market remains underpinned by needs-based buyers and sellers (upsizing, downsizing, or moving for lifestyle reasons) who are transacting regardless of external “noise.”

• Affordability Outlook: McKenzie is optimistic that affordability will improve as wage growth continues to outpace house prices, and the prospect of the Bank of England cutting the Base Rate as early as December could make borrowing more accessible.

A “Mixed Bag” With Regional Variations

Nick Leeming, Chairman of Jackson-Stops, offered a more nuanced view, describing the market as a “mixed bag.” He noted that while transactions were pressing ahead in some areas, the market generally took a “pitstop” before the Budget.

• Post-Budget Clarity: The Chancellor’s announcements, particularly regarding potential Stamp Duty changes for high-value properties, may cause some “asset-rich cash-poor homeowners” to adjust their plans, but many others will proceed with greater certainty.

• Regional Strength: Jackson-Stops’ national figures show a selective market, but momentum is gathering pace in the £500,000 to £800,000 bracket outside of the South East, proving some regions are “putting their foot back on the gas.”

Propertymark’s View: A Missed Opportunity

Nathan Emerson, Chief Executive at Propertymark, acknowledged that the non-seasonally adjusted growth (13% month-on-month) shows “forward momentum” but highlighted a disappointment in the Budget:

• Hesitation: The lead-up to any Budget typically sees a degree of hesitation in the housing market as people wait to assess potential proposals.

• Missed Support: He expressed disappointment that the Budget did not include support for first-time buyers or assistance for those considering downsizing, calling it a missed opportunity to address the extreme demand on current housing stock and promote easier movement within the property ladder.