"Buyers and sellers are negotiating hard but the overwhelming majority of agreed sales are proceeding to completion"
- Jeremy Leaf
The provisional non-seasonally adjusted estimate of the number of UK residential transactions in July 2025 is 101,070: while this number is an increase on the previous month, it also shows year-on-year growth, being 4% higher than July 2024.
Nathan Emerson, CEO of Propertymark, was positive about the figures. He called it 'extremely positive' to see an uplift in people completing their transactions, and noting that it was an indicator of both affordability and consumer confidence. he added: “We have witnessed the UK Government and the devolved administrations make comprehensive promises regarding housebuilding targets, which should boost the economy in the long run and provide greater choice to those who aspire to buy. We also have the Planning and Infrastructure Bill, which will apply to England, working its way through Westminster as the autumn approaches, again aimed at increasing housing supply.”
Tom Bill, head of UK residential research at Knight Frank said the figures showed a property market 'back on its feet' after April's stamp duty 'cliff edge', but was careful to note that, “The recent property tax speculation ahead of November’s Budget could slow that momentum as buyers hold back during a re-run of last year’s game of ‘guess the tax rise’.”
Jeremy Leaf, north London estate agent and a former RICS residential chairman, was also more cautious, noting that the delayed nature of the figures mean that more recent pressures are yet to show in the data: “Interestingly, these resilient transaction numbers reflect what we have been seeing in our offices – buyers and sellers are negotiating hard but the overwhelming majority of agreed sales are proceeding to completion."
"However, the figures, though comprehensive by including mortgaged and cash sales, cover activity from a few months ago, including the Trump tariff turmoil. Now homeowners face different worries – early signs of speculation about tax increases in the Budget is compromising confidence among some. We may see a pause rather than the ‘stop' button pressed at least until the uncertainty lifts a little."
Tomer Aboody, director of specialist lender MT Finance, was less optimistic, noting: “The data points to a flat residential property market and reflects what we are seeing on the ground when it comes to mortgages. Despite the lower interest rate environment, both the residential property market and the economy more generally continue to stagnate under the watch of this Government."
“Since we have possibly seen the final base rate cut of the year, buyers need to get used to the ’new norm’ for mortgage rates for the foreseeable future. Some may choose to wait until next year before taking the plunge in the hope of further rate cuts. With little government assistance to help the market, and stamp duty changes and further taxes seemingly in the pipeline, a slowdown in transactional volumes can be anticipated."
Jason Tebb, President of OnTheMarket, however, said the figures represented resilience. "Once again, these figures suggests that the housing market remains remarkably resilient, despite wider economic and political concerns. Five interest rate reductions in the past year have provided much needed-stimulus to the market, boosting confidence and activity."
"Further rate cuts would be particularly welcome as we head into autumn, encouraging buyers and sellers to transact at a time when there is much speculation surrounding the Budget and what it might contain for the property market. Any government efforts to help make the home-buying journey more accessible and affordable are welcome but any changes must work for the whole market."
Iain McKenzie, CEO of The Guild of Property Professionals, was cautiously optimistic as he predicted: “Looking ahead, we expect this positive momentum to carry into the remainder of the year, albeit tempered by price sensitivity and a softer economic backdrop. Overall, 2025 is shaping up to be a year of steady recovery for the housing market, and today’s figures reinforce that the foundations are firmly in place for continued stability.”
