Residential property transactions increased by 1% in September 2025 in the UK, up from 94,910 in August 2025 to 95,980 in September according to HMRC data.
This is 4% higher than in September 2024 on a seasonally adjusted basis, but 8% higher than September 2024 and 2% lower than August 2025 (non-seasonally adjusted).
Ryan McGrath, Director of Second Charge Mortgages at Pepper Money, said: “Completions remain steady, but momentum has slowed as buyers and sellers wait to see whether housing or tax reforms could shift the numbers in their favour.
“After several months of gradual easing, average mortgage rates have edged higher again for the first time since February, now sitting around 5% for two- and five-year fixes. While rates remain well below last year’s peaks, they continue to make affordability challenging for many households.
“Attention now turns to the Autumn Budget, where potential measures - including rumoured changes to ISA savings caps and wider tax adjustments - could shape household financial decisions in the months ahead.”
Seasonally adjusted non-residential transactions have seen a decrease of 1% from August 2025 and are 4% lower than in September 2024.
Andrew Lloyd, Managing Director at Search Acumen, said: “Commercial transactions remain unseasonably subdued down 2–3% on last year, reflecting continued caution from investors amid higher financing costs and economic uncertainty.
"We know prime office demand is stabilising, where secondary office markets are expected to see a decline in value, with a similar pattern happening within industrials. Alternative markets are seeing a growth in transactional trends, particularly in data centres and living sectors.
"Like in residential, the big driving force in commercial real estate is policy change. Markets crave certainty with investors often taking a hold position until wider confidence returns. The upcoming announcement on business rates will have a significant impact on London markets, whilst policies on rent reviews and planning will determine some key investor decisions.”
