The UK housing market is showing early signs of its usual Christmas slowdown, with both buyer demand and agreed sales dipping well below last year’s levels, according to new figures from Zoopla.
This year’s quieter run-up to Christmas comes after an unusually strong end to 2024, when many buyers rushed to finalise purchases before less generous stamp duty discounts took effect in April 2025.
Uncertainty surrounding the upcoming Autumn Budget is also weighing on market activity, especially for homes valued above £500,000, where buyers appear more hesitant to commit.
However, not all parts of the country are cooling at the same pace. Zoopla’s report noted that areas such as Scotland, Yorkshire and the Humber, the South West, and the West Midlands are recording higher sales than the same time last year.
In contrast, regions like Wales, the South East, the East of England, and London have seen a sharper decline in new sales being agreed. These southern areas are also facing a near halt in house price growth, which Zoopla described as “virtually stalled.”
Meanwhile, property values continue to climb steadily across Scotland, Wales, and northern parts of England, with Northern Ireland standing out for its strong annual growth rate of 7.6 per cent.
The average home now takes about 37 days to find a buyer, rising to 45 days in London, reflecting the slower pace of the market.
Despite this dip in activity, Zoopla highlighted that there remains a substantial pipeline of homes progressing through the sales process. The platform estimated that around 350,000 properties, worth over £100 billion, are currently in various stages of completion — the largest number seen since May 2021, when the pandemic-driven property boom peaked.
This backlog suggests that while new business is slowing, a significant level of market momentum continues from earlier months.
According to Zoopla, stable mortgage rates have encouraged more sellers to list their homes, many of whom are also planning to buy, alongside consistent interest from first-time buyers.
The report is based on data collected up to 19 October 2025 for sales, and up to the end of September for house prices. Unlike asking price indices, Zoopla’s measure tracks price changes at the point when sales are agreed, offering a clearer view of real market conditions.
The data revealed regional variations in annual price changes, with the strongest gains in Northern Ireland (7.6%), followed by the North West (3.0%) and Scotland (2.7%). The weakest growth was recorded in the South West (-0.1%) and South East (0%), with London managing only a marginal rise of 0.1%.
Richard Donnell, Zoopla’s executive director, said that although the market is slowing, there remains a healthy number of motivated buyers and sellers determined to complete transactions before the year’s end.
He added that the current dip is “modest” and far less severe than the market disruption caused by the 2022 mini-Budget.
Donnell explained that many early-stage buyers are adopting a more cautious stance as they wait for clarity from the Autumn Budget, particularly those purchasing higher-value homes.
Despite the current slowdown, Zoopla expects total sales for 2025 to be the strongest since 2022, with house prices forecast to finish the year around 1% to 1.5% higher than at the start of the year.
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