"The sun might be scorching lawns, but the property market is only starting to warm up"
- Andrew Lloyd - Search Acumen
HM Revenue & Customs has today released provisional national statistics showing a notable increase in property transactions during June. Residential completions rose to 95,080, a 17% monthly uplift and a 5% rise on June 2024.
Approvals for non‑residential properties also increased by 8%, reaching around 10,190 transactions.
In May, seasonally adjusted residential transactions totalled 81,470, up 25% compared with April but still 12% lower than the same month in 2024.
Non‑seasonally adjusted figures rose by 42% between April and May, though they remained 13% below May 2024 levels. The pickup followed a slowdown in April when buyers rushed to complete deals ahead of SDLT rate changes effective on 1 April.
Early‑year trends saw residential transactions surge ahead of the stamp duty threshold adjustment. Between January and April 2025, a total of 395,090 sales were recorded UK‑wide, a 29.5% rise versus the same period in 2024. England led with 33.1% growth, while Wales grew 20.2%, Northern Ireland 20.8% and Scotland 1.9%.
These figures come amid broader signs of moderation in house prices. According to official sources, average UK house prices rose by 3.9% to £269,000 in the 12 months to May 2025, up from 3.6% in April.
Meanwhile, asking prices fell 1.2% in July, the largest monthly drop since Rightmove began tracking data in 2002. Despite this, buyer activity remained strong, with agreed sales up 5% year‑on‑year and enquiries rising 6%.
Non‑residential volumes also grew steadily, reflecting increased demand across commercial and investment markets.
Industry reactions
Richard Donnell, Executive Director at Zoopla, comments, "The latest data shows housing sales are on the rise, picking up on improved buyer confidence from stable mortgage rates and more sellers in the market, many of whom are also buyers
"Zoopla data for sales, leads these completion statistics by 5 to 6 months, showing sales will continue to increase, with sales on track to total 1.15m, 5% higher than over 2024."
Nathan Emerson, CEO of Propertymark, said, “It is extremely positive to see an uplift in the number of housing transactions for June 2025. Overall, the housing market is starting to see progression, especially following the recent upheaval of the Stamp Duty threshold changes, where we had a rush across England and Northern Ireland, followed by an immediate lull.
“We are also seeing the UK Government signal that it wants to deliver a new wave of growth in the housing market, as the Leeds Reforms from Chancellor Rachel Reeves aims to encourage lenders to better provision for demographics such as first-time buyers.
“The ambitious Social and Affordable Homes Programme from June 2025’s spending review aims to invest £39 billion to deliver approximately 300,000 new homes in England, which will help boost housing supply. Ultimately such initiatives are hoped to inspire further levels of confidence in the housing market in the future.”
Nick Leeming, Chairman of Jackson-Stops, comments, “While the surge in activity seen in March is unlikely to be repeated, the market remains steady for now, with completions progressing at a healthy pace, though regional variations continue to influence transaction timelines and completions. The full market picture is one that points to both an increase in demand as well as supply, with an upward trend of agreed sales likely to be reflected in figures in the coming months as mortgage affordability loosens.
“Across the Jackson-Stops network, our national figures show the mid to high end market remained steady in June, particularly across historically rich, well-connected market towns like Bury St Edmunds, Chichester and Colchester. We are seeing a seasonal uptick of prime country homes launch to market reflecting sustained buyer appetite for areas that blend heritage with accessibility. Similarly, high completion levels in Colchester, Hale, Northampton, and Sevenoaks highlights the continued demand for lifestyle-led, commuter-friendly areas.
"We expect market activity to hold steady in the coming months unless further stimulus is introduced such as interest rate cuts or targeted government incentives. For example, Jackson-Stops’ recent analysis of the downsizer market shows that stamp duty relief could unlock up to half a million homes within a year, offering an immediate boost to supply, transactions and tax revenues."
Andrew Lloyd, Managing Director at Search Acumen, said, “The sun might be scorching lawns, but the property market is only starting to warm up."
“Whilst buyer-friendly dynamics are pushing prices down for some regional housing markets, the commercial sector is looking at a period of stabilisation after values bottomed out in 2024. The first half of 2025 was characterised by a consistent, resilient recovery, where positive trends in capital and rental values continued to create valuable opportunities for investors, reflected in the strong transaction figures we see for June."
"Investors are gravitating toward industrial, retail, warehousing and living sectors. Prime assets and office space in central London are gaining traction, though many secondary properties face ongoing decline or restructuring.
“Over the next few months, political and economic pressures continue to dictate broader commercial trends, in particular international investor appetite. On the ground, deal makers and lawyers may find the summer holidays stall much-needed progress.
“I predict the use of digital tools and AI to expedite aspects of the transaction process to continue to increase – we know most conveyancers now use generative AI or plan to. Once we modernise how we handle transactions, the property market will finally start to feel the heat, even in an English summer.”
