Government figures showed that sales remained steady since summer last year, with the start of the 2025-26 financial year impacted by transactions brought forward as people sought to benefit from the lower stamp duty thresholds.
From the start of the financial year to date, there have been 833,360 home sales on a seasonally adjusted basis and 872,620 on a non-seasonally adjusted basis.
Since June 2025, residential property transactions have risen or fallen by a margin of just 1-2% each month.
Compared to last year, the number of sales completed in December was 5% higher.
On a non-seasonally adjusted basis, HMRC recorded 105,730 residential property transactions in December, 7% up on the last year and 1% higher than the previous month.
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Signs of movement in the housing market
Maria Harris, chair of the Open Property Data Association (OPDA), said transactions remained constant in December and she was “confident that we’ll see a steady increase in 2026 as affordability improves and more people look to move home”.
However, she said the experience of buying and selling a home was still not where it needed to be, and house sales collapsed because of the “outdated and inefficient systems” in place.
“This is a worrying trend in the market, causing heartache and stress for sellers and costing the UK economy millions each year. We need to transform the process, based on a common, trusted foundation for data sharing,” she added.
Amy Reynolds, head of sales at Antony Roberts, said: “While this is not a runaway market, it is a far healthier one than a year ago.
“Transactions are gradually improving and prices have proved resilient, particularly where homes are priced realistically.
“We’re seeing far more purposeful buyers than we did last autumn, and assuming interest rates remain supportive, the spring market looks encouraging, with momentum continuing to build.”
Richard Sexton, commercial director of Houzecheck, said: “A slightly softer set of transactions doesn’t mean demand has disappeared, it means buyers are hesitating. Buyers are being cautious and considered, not absent and afraid.
“When uncertainty creeps in, buyers apply the brake to the process, and that’s where proptech has a real role to play. Reducing friction, speeding up early-stage checks and helping people ease off the brake with confidence when ready.”
He said activity this quarter may be slower, but there was a lot of “latent demand” in the market.
Sexton added: “Once confidence returns, this pause could quickly turn into a surge, and the year ahead could see a much busier time for both buyers and sellers.”
Sales agreed in summer
Ryan McGrath, director of second charge mortgages at Pepper Money, said the figures did not reflect the pause in activity before the November Budget due to the lag between agreed sales and recorded completions.
He said the figures did show underlying resilience and “the uptick in transactions came before the full benefit of recent rate improvements had filtered through, and with inflation easing and mortgage pricing continuing to soften, the direction of travel is becoming clearer, giving households greater certainty as we move into 2026”.
McGrath added: “However, improving market conditions doesn’t automatically mean more people are choosing to move. The ‘improving versus moving’ trend remains a defining feature, with many homeowners still anchored to historically low fixed rate mortgages. Refinancing their entire balance at today’s rates is often a step too far financially.
“As a result, demand remains strong among borrowers looking to improve their homes or rebalance their finances rather than relocate.”
Nick Leeming, chairperson of Jackson-Stops, also said the figures related to deals agreed in late summer or early autumn and reflected that period “rather than current market activity”.
Leeming added: “Beneath the surface, buyer interest was strong in December 2025. Our branch data shows new applicant registrations up on the previous year, with some locations, particularly coastal markets, seeing numbers double. There was also a clear urgency to get deals agreed, suggesting buyers saw prime regional markets as good value and wanted to secure property at current prices.
“Looking ahead, buyer demand appears on course to return towards 2024 levels, supported by declining average mortgage rates and a more predictable borrowing environment. Buyers remain selective and value-driven – accurate pricing will be crucial in 2026. Well-priced homes attract strong interest, while over-ambitious pricing risks slowing a sale. Overall, the market is set for a modest, sustainable uplift, underpinned by improving demand, realistic pricing and available stock.”
