Released today, Landmark Information Group’s Q4 2025 Residential Property Trends Report illustrates that despite early signs of renewed momentum towards the end of December, property transaction activity in Q4 was dampened by hesitation, as external economic and fiscal factors continued to cause buyers and sellers to delay moving decisions.
The late-November Budget prolonged uncertainty, as elevated stock levels and record asking-price reductions reinforced a widespread ‘wait-and-see’ approach among sellers, removing any realistic opportunity for a bounce-back ahead of Christmas. However, signs of renewed activity began to emerge towards the end of December, suggesting the market had paused rather than experienced a loss of activity. With the right, stable market conditions, the UK is entering 2026 with grounds for cautious optimism.
Landmark’s data shows that listing volumes across England and Wales were more resilient in the first half of the year, following around 18 months of consistently strong supply through to July 2025. Activity began to slow over the summer and weakened further into Q4, with listings falling 7% year-on-year. However, a post-Christmas uplift in listing volumes could suggest that this slowdown reflects hesitation rather than withdrawal.
The subdued volumes in Q4 were reflected across the transaction pipeline. Sold Subject to Contract (SSTC) volumes were down 17% across the quarter, compared with the same period in 2024. November alone was the weakest month of the year, with SSTC volumes 25% lower year-on-year, coinciding with peak uncertainty ahead of the Autumn Budget.
Similarly, Landmark’s data shows that mortgage valuation activity was also suppressed in Q4 compared to the first three quarters of the year. The final three months were down 0.2% compared to the same period in 2024, whereas the first three quarters of the year saw activity 12.2% higher year on year.
Meanwhile, property search order volumes, which were broadly in line with 2024 levels ahead of the Budget, weakened through November and December. As a result, Q4 search activity finished 19% lower than in Q4 2024.
This trend carried through to completed sales, with completion volumes in Q4 – which typically tends to see higher volumes as buyers and sellers rush to move before Christmas – also reflected the loss of momentum seen through the second half of the year with volumes down 6% compared with the same period in 2024.
In contrast, Scotland’s market showed greater resilience towards the end of the year. While listings dipped slightly in October and November, December outperformed the same month in 2024 as pent-up demand began to feed through. Sold Subject to Missives (SSTM) volumes picked up in December, and with the Scottish Budget falling in January, Scotland avoided the sharper pause seen in England and Wales, entering 2026 with early signs of a stable market.
The pent-up demand building across the market means we enter 2026 with grounds for cautious optimism about the market’s trajectory, should conditions remain conducive and stable. However, improving confidence and driving reform remain critical.
Simon Brown, CEO, Landmark Information Group, said:“By the end of 2025, it was clear that the market had entered a holding pattern. Uncertainty and speculation surrounding the Autumn Budget led many buyers and sellers to pause decisions and delay moving plans.
“Record asking-price reductions, easing mortgage rates and signs of renewed activity towards the end of December all point towards the potential for pent-up demand to progress into 2026; offering cause for cautious optimism.
“As we look ahead, restoring confidence will be critical. Alongside stable economic conditions, improving the speed and certainty of the transaction process must remain a priority if we are to convert that underlying appetite to move into sustainable market momentum and unlock the wider economic value of home buying and selling.”
Elizabeth Jarvis, Divisional Director of Legal and Search, Landmark Information Group, commented on property search activity:“The slowdown in property search activity through November and December reflects how the transaction pipeline remains vulnerable to external shocks, with the usual seasonal downturn coming earlier in 2025.
“Buyers may have been holding off on committing to a move due to the Autumn Budget speculation, which is reflected in the lower volumes of search order volumes seen across the quarter. Looking ahead to 2026, renewed confidence, easing borrowing costs and progress towards a more efficient transaction process will be key to unlocking pent-up demand and driving the uplift in transactions that the sector needs.”
Rob Gurney, Managing Director of Ochresoft, Landmark Information Group, commented on what the trends mean for conveyancers:“Looking at the relationship between completions and new instructions helps explain how the Q4 slowdown played out for conveyancers. The widening gap between the two through October, November and into December was driven by a decline in new instructions as external economic and policy factors led clients to pause before committing to new cases.
“While there was a seasonal uplift in completions ahead of Christmas, the lack of new cases entering the pipeline was the dominant factor for conveyancers, highlighting how hesitation earlier in the quarter could have led to lower numbers of new instructions.”
Ben Robinson, Managing Director of Landmark Estate Agency Services, Landmark Information Group, commented on estate agency trends: “The data shows that 2025 was a tale of two halves for property listings. After a sustained period of strong supply, the fall in listings from the end of the summer could indicate sellers taking a ‘wait-and-see’ approach as Budget uncertainty intensified, particularly through October and November.
“With asking-price reductions widespread, and ample housing stock available there is underlying intent. As market conditions stabilise, this points to delayed activity that could re-enter the market quickly, provided confidence improves and market conditions are favourable.”
Mike Holden, Divisional Director of Growth, Landmark Information Group, commented on mortgage and lending activity: “Mortgage valuation volumes flattened in Q4, down 0.2% compared to the same period in 2024, which reflects how Budget uncertainty dampened purchase-led demand in the final months of 2025. This is particularly stark given that the first three quarters of the year saw mortgage valuation activity that was 12.2% higher year-on-year.
“However, the resilience of remortgaging activity, supported by increasingly competitive rates, highlights that borrowers remain highly engaged. As we move into 2026, the combination of easing rates and improved confidence could assist in creating a more buoyant market.”
Richard Hepburn, Director of Scotland, Landmark Information Group, commented on trends in Scotland: “Towards the end of the year, Scotland’s market showed greater confidence and stability, particularly as activity across England and Wales slowed in the run-up to the Westminster Budget. While Scotland also faced its own Budget, this did not create the same level of uncertainty, allowing buyers and sellers to move forward with greater confidence – something that was clearly evident in December.
“This contrast underlines the importance of clarity and certainty, both in policy and throughout the transaction process, in maintaining momentum even in more challenging conditions. Scotland is well placed to benefit if confidence continues to strengthen.”
Key findings from the report
- In England and Wales, listing volumes across Q4 ‘25 were 7% lower than in Q4 ‘24.
- In England and Wales, sold subject to contract (SSTC) volumes in Q4 ‘25 were 17% lower than in Q4 ‘24.
- In England and Wales, search order volumes in Q4 ‘25 were 19% lower than in Q4 ‘24.
- In England and Wales, completion volumes in Q4 ‘25 were 6% lower than in Q4 ‘24.
