In response to the HMRC property transactions data published today which showed that on a seasonally adjusted basis the number of UK residential transactions in November 2025 is 100,350, 8% higher than November 2024 and 1% higher than October 2025, Nick Leeming, Chairman of Jackson-Stops, comments:

“November’s HMRC figures may look like a sudden bounce, but they largely reflect the busy summer period feeding through into completed transactions. In reality, and particularly for higher valued properties, the market spent much of November on pause as buyers and sellers waited for clarity ahead of the Budget.

"Now that the Budget has passed, clarity is already helping confidence return. Just a fortnight after the Budget, one of our branches processed £20 million worth of offers, pointing to a very busy January. While upcoming council tax changes will prompt some households to reassess affordability and running costs, particularly at the upper end of the market, they are unlikely to derail activity. Instead, we expect to see continued recalibration as buyers and sellers adjust expectations.

"With interest rates expected to settle in the mid-threes, something many lenders have already priced in, the improving outlook for 2026 is restoring momentum. The pause ahead of the Budget has created pent-up demand that is set to flow into the traditional spring bounce that should be more pronounced than the long-term norm.

"After almost six years of exceptional volatility following the Boris Bounce, Covid and repeated fiscal shocks, 2026 is shaping up to be a return to a more stable and recognisable housing market. November may show a market on pause, but the foundations for renewed activity are firmly in place.”