"People need to feel a greater degree of confidence as they approach their next house move, and continued economic uncertainty and high interest rates have no doubt deterred some consumers from doing so"
- Nathan Emerson - Propertymark
For residential properties, the seasonally adjusted estimate reached 93,630 transactions in August, 2% higher than August 2024 but 2% lower than July 2025. Non-seasonally adjusted figures recorded 103,610 transactions, down 1% from August 2024 but up 2% compared with July 2025.
Seasonally adjusted non-residential transactions declined to 9,910 in August, representing a 3% drop from July 2025 and a 2% fall compared with the same month last year. Non-seasonally adjusted non-residential transactions fell more sharply, reaching 9,190 in August, 13% lower than July 2025 and 5% lower than August 2024.
Figures for seasonally adjusted residential transactions in August 2025 fell by 2%, down from 95,240 in July 2025. This follows three consecutive months of growth after a decline in April 2025. Meanwhile, non-seasonally adjusted residential transactions rose by 2% compared with the previous month, indicating modest ongoing activity in the housing market.
Non-residential transactions continued to decline. Seasonally adjusted figures for August 2025 were 3% lower than July and 2% lower than in August 2024. The non-seasonally adjusted data showed an even sharper monthly drop of 13%, highlighting reduced activity in commercial and other non-residential sectors.
“People need to feel a greater degree of confidence as they approach their next house move, and continued economic uncertainty and high interest rates have no doubt deterred some consumers from doing so," comments Nathan Emerson, CEO at Propertymark. “With interest rates slowly edging back downward, which has helped improve mortgage products on offer, and with house prices showing initial indications that they are starting to soften as we head in autumn, we now look to the Budget in November and next Bank of England decision on the base rate, as both of these factors will play a big part in determining the level of confidence people have moving forward.”
Richard Donnell, Executive Director at Zoopla, said, "Housing transactions slowed over August but they are 10% higher than in 2023 as the recovery in transactions starts to plateau due to higher borrowing costs and broader economic uncertainty. Looking ahead, we expect transaction volumes to remain in line with current levels. Demand for homes at the upper end of the market is already being hit ahead of the Budget as speculation grows over possible changes to the taxation of high value homes.”
Nick Leeming, Chairman of Jackson-Stops, said, “August’s figures point to cautious momentum, with the number of transactions on annual basis now having risen for two years in a row. While a modest annual uplift, completions are moving in the right direction, buoyed by improving affordability conditions and a pragmatic commitment from buyers and sellers to move forward. The market remains sensitive to economic events and international decisions, but the easing of mortgage costs has helped to restore confidence.
“We may still be a distance away from the Autumn Statement, yet speculation around housing policy reform is already weighing on the market. Proposals under consideration include replacing Stamp Duty with a national property tax on homes over £500,000, potentially shifting the burden to sellers. While this could improve mobility for buyers, it risks discouraging downsizing among older homeowners, a part of the market our research revealed is highly sensitive to stamp duty changes – our latest insights highlighted stamp duty relief for downsizers could bring over half a million homes to the market within just 12 months, delivering much needed market fluidity and wider economic activity.
“For now, the market can take comfort in the continued completions and sustained house price growth. Though, further momentum will depend on a stable economic backdrop and thoughtful policy decisions that support movement, rather than undermine it.”
