Seasonally adjusted figures recorded 95,980 sales, 4% higher than September 2024 and 1% up on August 2025. On a non-seasonally adjusted basis, residential transactions totalled 102,420, representing an 8% year-on-year rise and a 2% month-on-month fall.
Non-residential activity was softer. Seasonally adjusted transactions stood at 9,910, down 4% on the year and slightly below August. The non-adjusted figure of 10,320 was broadly flat year-on-year but 12% higher month-on-month.
Andrew Lloyd, managing director at Search Acumen, said the figures largely reflect completions from agreements made earlier in the year, pointing to “a broadly stable residential market”, but he cautioned that current buyer activity is markedly slower ahead of the Budget.
“Today's data shows that homebuyers are continuing to exchange from deals likely arranged in the early part of the year. A steady level of these transactions, up slightly from the usual summer lull, represents a broadly stable residential market. But this is just half a story, with a sharp drop in current buyer activity pre-Budget likely to impact transactional data towards the end of the year. Currently, this is a market in freeze. The typical autumn bounce is likely to remain lacklustre until tax reform is announced and financial impacts can be weighted, with homeowners hoping Budget day does not turn into fright night.”
He added that commercial activity remains “unseasonably subdued”, reflecting caution amid higher financing costs and economic uncertainty.
Iain McKenzie, CEO of The Guild of Property Professionals, said confidence is gradually improving.
“The latest transaction data offers a reassuring sign that confidence is steadily returning to the housing market. This growth, coupled with a nine-month high in mortgage approvals and a further easing in borrowing rates, points to a market that is quietly regaining momentum. Even though many are taking a cautious stance ahead of the Autumn Budget, buyers are responding to improving affordability and more stable mortgage conditions. The Bank of England’s rate cuts have helped to unlock activity, while the increase in available stock and more realistic pricing are creating a healthier balance between supply and demand.”
Jason Tebb, President of OnTheMarket, said steady improvement remains visible, despite uncertainty. He said: “The uptick in seasonally adjusted transaction numbers indicates that the market continues to move in the right direction. The market remains remarkably resilient despite wider economic and political concerns. The series of interest rate reductions over the past year has provided reassurance for buyers and sellers alike, while last month’s rate hold suggests a stable rate environment which is further helping confidence. Pre-Budget speculation over tax changes is creating some uncertainty, although many are proceeding with transactions regardless.”
Propertymark CEO Nathan Emerson welcomed the uplift as a sign of returning momentum, adding: “An overall uplift regarding the volume of property transactions is always welcome news, as it is a key indicator of both consumer confidence and affordability. Despite turbulence within the wider economy, homebuyers have benefitted from three base rate cuts since the start of the year, allowing for much greater financial flexibility for people in many cases.”
He said the Autumn Budget will be closely watched, particularly around potential stamp duty changes for England and Northern Ireland.
Zoopla Executive Director Richard Donnell said the market is underpinned by the largest pipeline of pending sales in four years, with around 350,000 homes progressing toward completion. He said transactions are now returning to longer-run averages, though higher-value business has slowed ahead of the Budget, and suggested stamp duty reform could help support activity into 2026.
Nick Leeming, Chairman of Jackson-Stops, said activity has moderated ahead of the Budget but remains stable.
“Today's transaction results are indicative of a housing market that has slowed in the run up to the Budget, but remains fundamentally strong driven by lifestyle purchases. Sales agreed are up 1% from the month previous, a modest increase but one that indicates market stability. At the top end, many £2 million-plus movers remain in a holding pattern ahead of any possible tax reforms, with calculators in hand to see if a reset in tax could shift the numbers and impact any immediate plans.”
