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 October is 98,450, 2% lower than October 2024 and 2% higher than September 2025, Nick Leeming, Chairman of Jackson-Stops, comments:
“Today’s transaction results show a mixed-bag; whilst there were reports of transactions pressing ahead to beat the Budget deadline, in the main we saw a market on pause. However, despite this pitstop, the engine remained fundamentally strong fuelled by lifestyle-led moves. Now the Chancellor’s changes have been announced, there may be a few asset-rich cash-poor homeowners that need to redraw the roadmap, but many will choose to race ahead with the benefit of greater clarity.
“It is likely we will see more stock come to the market in the short term, with minor price adjustments for properties just over the £2m cliff edge. We might also see an increase in demand for homes under the tax limit, where buyers adjust budgets with household cashflow in mind. For the South East, this could create upward pressure on prices in the mid-tier or even lower-end property markets, leading to spillover effects for demand in new areas.
"Jackson-Stops’ national figures show a more selective market overall, but it’s far from a one-size-fits-all story. Outside the South East, the £500k–£800k bracket is bucking the trend, with momentum gathering pace - proof that some regions are very much putting their foot back on the gas. We have heard from agents across the country following the Budget that prime buyers are moving at pace with clarity now in mind.
“History shows that when SDLT changes, the housing market doesn’t just react, it leaps. In March, exchanges surged as buyers raced to beat the threshold reduction deadline, only for activity to catch its breath afterwards. Now, the key is keeping transactions moving and prices stable. A fluid market oils far more than estate agency alone: conveyancers, removals, local trades and even retail all rely on housing to keep their wheels turning."
