Massive drop in pre-Budget property sales

THE number of houses changing hands in the UK slowed year on year in October due to Budget uncertainty and the high cost of moving. UK residential transactions in October 2025 reached 98,450, 2% lower than October 2024, according to HMRC.

- By AMBER MURRAY

"The transaction results show a mixed bag. In the main we saw a market on pause," Nick Leeming, chairman of Jackson-Stops, said.

Buyers had become increasingly nervous ahead of the Budget, with rumours of taxes on homes flying around. Rachel Reeves decided to slap a council tax surcharge on homes valued at £2million and over, a relief to those who had prepped for a more significant levy.

"The Chancellor's decision to avoid a wider property tax and keep stamp duty unchanged should help lift market confidence," Hamza Behzad, business development director at Finova, said.