The number of homes sold in October rose to 98,450, up 2% on September but 2% lower than in the same month last year, according to the latest HMRC property transactions data.<\/p>\n Provisional seasonally adjusted figures also show that commercial property sales dropped sharply, falling 29% year-on-year to 10,250. However, this represented a 2% increase on September\u2019s level.<\/p>\n Agents say the steadiness in residential transaction volumes underlines the housing market\u2019s resilience despite ongoing uncertainty. But some warn that further measures may be needed to stimulate activity, which remains subdued compared with longer-term norms.<\/p>\n Nathan Emerson, CEO at Propertymark, commented:\u00a0\u201cTypically on the lead up to any Budget announcement, the housing market can witness a degree of hesitation, as people look to assess what might be proposed. However, any such impact beforehand is not an exact science to the magnitude of uncertainty. With lower base rates than only twelve months back, it is positive to see forward momentum in terms of growth in the number of housing transactions taking place both year on year and month on month while referring to the non-seasonally adjusted figures.<\/p>\n \u201cWithin the Budget, it was disappointing not to witness any support for first-time buyers and assistance for those who may be considering downsizing in the Budget at a time of extreme demand on current housing stock. There has been what feels like a missed opportunity to promote the concept of people being able to move more easily to a property that fits their precise needs.\u201d<\/p>\n Amy Reynolds, head of sales at Richmond estate agency Antony Roberts, said:\u00a0\u201cWhile not yet reflected in these official, yet dated, figures, agents reported that activity slowed ahead of the Budget and now we are in the run-up to Christmas, we don\u2019t expect this to improve significantly. However, we are hoping that the market will pick up in the New Year, particularly as the measures in the Budget didn\u2019t turn out to be as bad as many feared.<\/p>\n \u201cUnfortunately, nothing has got cheaper when it comes to moving, particularly stamp duty, so the pressure on the market remains as before and will do so until there is intervention to stimulate it.\u201d<\/p>\n Nick Leeming, chairman of Jackson-Stops, believes the latest transaction data shows a mixed-bag; whilst there were reports of transactions pressing ahead to beat the Budget deadline, in the main his agency saw a market on pause. However, despite this pitstop, the engine remained fundamentally strong fuelled by lifestyle-led moves.<\/p>\n He commented: \u201cNow the chancellor\u2019s changes have been announced, there may be a few asset-rich cash-poor homeowners that need to redraw the roadmap, but many will choose to race ahead with the benefit of greater clarity.<\/p>\n \u201cIt is likely we will see more stock come to the market in the short term, with\u00a0minor price\u00a0adjustments for properties just over the \u00a32m cliff edge. We might also\u00a0see an increase in\u00a0demand for homes under the tax limit, where buyers adjust budgets with household cashflow in mind. For the South East, this could create upward pressure on prices in the mid-tier or even lower-end property markets, leading to spillover effects for demand in new areas.<\/p>\n \u201cJackson-Stops\u2019 national figures show a more selective market overall, but it\u2019s far from a one-size-fits-all story. Outside the South East, the \u00a3500k\u2013\u00a3800k bracket is bucking the trend, with momentum gathering pace \u2013 proof that some regions are very much putting their foot back on the gas. We have heard from agents across the country\u00a0following\u00a0the Budget that prime buyers are moving at pace with clarity now in mind.<\/p>\n \u201cHistory shows that when SDLT changes, the housing market doesn\u2019t just react, it leaps. In March, exchanges surged as buyers\u00a0raced to beat\u00a0the threshold reduction deadline, only for activity to catch its breath afterwards. Now, the key is keeping transactions moving and prices stable. A fluid market oils far more than estate agency alone: conveyancers, removals, local trades and even retail all rely on housing to keep their wheels turning.\u201d<\/p>\n Andrew Lloyd, MD at Search Acumen, noted: \u201cThe data suggests both housing and commercial markets have slipped into a holding pattern, with residential transactions drifting slightly lower than October 2024. This isn\u2019t a collapse, it\u2019s a pause. Buyers and sellers have been pressing the \u2018wait\u2019 button while trying to make sense of the Chancellor\u2019s moves and it\u2019s clear that budget blundering\u00a0has left many uncertain, keeping timid transactions tainting market momentum.\u201d<\/p>\n \u201cIn commercial real estate, the picture is similar but more pronounced. Activity remains materially weaker than last year\u2019s October spike, as investors continue to weigh financing costs, vacancy risks and the looming decisions on business rates. Certain sectors may rebound faster once clarity emerges, but for now, policy uncertainty, not pricing, is the main brake on momentum.\u201d<\/p>\n \u201cThe industry is seeing the usual seasonal slowdown collide with a pre-Budget freeze, creating what feels like a double drag on confidence. Now the chancellor has spoken, we\u2019ll see whether pent-up decisions ripple through the data before year-end or whether uncertainty lingers into Q1 2026. Firms that are tightening workflows and leaning into AI to accelerate due diligence and reduce bottlenecks will be best placed to keep deals alive through this period of hesitation.\u201d<\/p>\n \u00a0<\/p>\n Knight Frank sees Budget bounce as weekly sales surge<\/a><\/p>\n<\/blockquote>\n![\"\"](\"https:\/\/propertyindustryeye.com\/wp-content\/uploads\/2022\/02\/Sold-house.jpg\")
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