U.K. residential property transactions fell to 94,800 in September, 4% lower than a year earlier and slightly below August, according to provisional seasonally adjusted figures from HM Revenue & Customs.
On a non-seasonally adjusted basis, there were 97,940 completions in September, down 5% year over year but up 1% from August. Residential transactions from April to September totaled 583,260 after seasonal adjustment. Prices have also flattened. Nationwide’s annual house price growth slowed to 0.5% in October from 0.8% in September, the weakest since January 2024, and prices were unchanged on the month. Property portal Zoopla expects 100,000 fewer home sales in 2026 than in 2025 as higher mortgage rates affect home movers. One market commentator said the market is “neither sinking nor swimming, just treading water.”
The slowdown may not yet be fully reflected in the figures. HMRC notes that completions typically follow an accepted offer by two to four months, so September’s numbers mostly reflect deals agreed before the latest rise in borrowing costs. The Bank of England’s Monetary Policy Committee meets Thursday, November 5.
IAM Member Impact: Fewer completions mean fewer household moves, and the two-to-four-month lag suggests the impact of this fall’s higher mortgage rates will reach U.K. movers over the winter and into early 2027. Members serving the U.K. domestic market may expect lower volumes in the first quarter.
Source: HMRC; Today’s Conveyancer