UK housing market activity picked up pace in November, with official figures showing a clear increase in completed home sales compared with the same period last year.
According to data released by HM Revenue and Customs (HMRC), the estimated number of residential transactions in November 2025 was around 100,350. This marked an 8% rise compared with November 2024, pointing to improved momentum in the market.
Sales were also slightly higher than the previous month. November’s total represented a 1% increase on October, suggesting that transaction levels remained relatively steady despite economic uncertainty later in the year.
Looking at the financial year to date, HMRC estimates that approximately 732,310 homes were sold between April and November 2025. While this figure remains marginally lower than the 746,220 recorded over the same period a year earlier, the difference has continued to narrow.
Property analysts say the rise in November reflects deals agreed earlier in the year finally reaching completion. Many transactions negotiated during the spring and early summer took longer to complete, feeding into the later figures.
Richard Donnell, executive director at Zoopla, said the uplift was largely the result of earlier activity working its way through the system before the end of the year. He described November’s numbers as a delayed outcome rather than a sudden surge in demand.
Donnell also noted that uncertainty ahead of the November Budget caused many buyers to pause decisions during the final quarter of 2025. However, he said early signs since Boxing Day suggest confidence is returning.
Nick Leeming, chairman of Jackson-Stops, shared a similar view. He said November’s figures should be seen as a reflection of a busy summer rather than a sign of renewed momentum during the month itself.
He added that higher-value properties were particularly affected by caution, with many buyers and sellers choosing to wait for clarity on economic policy before committing to major financial decisions.
Despite these pauses, industry experts agree that the market has shown resilience. Jason Tebb, president of OnTheMarket, said transaction levels have held up well given the wider economic and political backdrop.
He explained that with the Budget now concluded, much of the uncertainty holding back activity has eased. Buyers who delayed moves are beginning to return, encouraged by improved mortgage deals.
Several major lenders, including Lloyds Bank, Halifax and Barclays, reduced some mortgage rates towards the end of the year. These changes have helped improve affordability at the margins and boosted buyer confidence.
Nathan Emerson, chief executive of Propertymark, said improving lending conditions and clearer economic signals should support continued activity into 2026, provided house prices remain broadly stable.
Financial planners remain cautiously optimistic. Ian Futcher of Quilter said the combination of post-Budget clarity, lower interest rates and pent-up demand could support gradual improvement in market activity.
However, he warned that affordability pressures and still-elevated borrowing costs mean any recovery is likely to be slow rather than dramatic, particularly for those stretching their budgets.
Sarah Coles, head of personal finance at Hargreaves Lansdown, said early 2026 could bring modest optimism. With wages rising faster than house prices and mortgage rates easing, the market may see a seasonal lift in confidence.
Looking ahead, experts expect the recovery to be “bottom-up”, led by first-time buyers rather than activity at the top end of the market. Regional differences are also expected to persist, with more affordable areas outperforming parts of London and the South.
Overall, while challenges remain, the latest data suggests the UK housing market has stabilised and is slowly regaining confidence as it moves into 2026.
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