Phoebus Software comments on HMRC Property Transactions data

31 October 2025

Richard Pike, chief sales and marketing officer at Phoebus Software, commented:

“Despite the slight monthly fall in non-seasonally adjusted property transactions in September, the figures show a resilient mortgage market despite the uncertainty surrounding the wider economy. Transactions are up significantly on this time last year, reflecting the improved rate environment. The HMRC data reports completed transactions and so lags real market sentiment by a couple of months, but it does paint a picture of cautious stability among buyers and sellers.

“With inflation still stubbornly high, a rate cut looks unlikely next month, and so all eyes are on Rachel Reeves and whether she will make reforms to property taxes in the November budget. This could have a significant impact on transaction activity if stamp duty changes are made. In the meantime, I expect next month’s transaction data to reflect the current uncertainty in the market with many people adopting a ‘wait and see’ approach.”