Nick Leeming, Chairman of Jackson-Stops, comments in response to the HMRC property transactions data published today which showed that on a seasonally adjusted estimate of the number of UK residential transactions in September 2026 is 94,800, 4% lower than September 2025 and marginally lower (less than 1%) than August 2026.

“While September traditionally sees the market regain some momentum after the summer, activity this year appears to have remained subdued, with sales 4% lower than same period in 2025. Uncertainty surrounding the Budget and wider economic conditions continue to influence buyer confidence.

“Affordability remains a key consideration for buyers, with borrowing costs continuing to put pressure on budgets and many households taking a more measured approach to their next move. Demand is still present, but buyers are increasingly selective about what they are prepared to pay. For sellers, setting a realistic asking price from the outset, informed by recent local sales and current competition, remains essential to securing a successful sale.

“The Budget’s confirmation of a new First Time Buyer ISA and an equity loan scheme, alongside changes to the Lifetime ISA withdrawal charge, is a welcome recognition of the barriers facing people trying to get onto the property ladder. While these measures could help improve confidence and support longer-term saving, they do not remove the wider affordability challenges facing first-time buyers, particularly when it comes to raising a deposit and securing a mortgage.

“Looking ahead, we expect market activity to remain uneven, with local conditions continuing to play a significant role in how quickly properties sell. A return to more sustained growth will depend on buyers feeling more confident about affordability and the wider economic outlook.”