Autumn Budget subdued residential and commercial property sales
The 2025 Autumn Budget subdued the UK property market, say leading audit, tax and business advisory firm, Blick Rothenberg.
Mark Cunningham, a partner at the firm, said: “HMRC’s latest property transaction statistics reinforce the message that households were hesitant to commit to major financial decisions leading up to the Autumn Budget in late November. Commercial property transactions also reflect a subdued market.”
He added: “Residential completions for both November and December remained broadly flat on a seasonally adjusted basis. The December figure of 105,730 transactions is essentially unchanged from November once seasonal effects are removed.”
Mark said: “Commercial property transactions are often reliable indicators of broader economic confidence. Q4 2025 saw 32,840 transactions compared with 34,050 in Q4 2024, indicating that take up was weak around the time of the Budget. Whether purchased for operational use or investment, appetite for commercial property remained soft. Showing a wider economic caution across the UK economy.”
He added: “Any uplift from the removal of uncertainty following the Budget would only be expected to emerge in the data over the coming months. The lead time from an offer being accepted to legal completion means that the earliest signs of renewed confidence will not appear until early 2026.”
Mark said: “House builders continue to battle against low demand, stagnant prices and high development costs, all of which limits progress towards the governments new build targets. Without a clear shift in buyer sentiment or greater support, build rates are likely to remain subdued.
He added: “With unemployment elevated, concerns about job security persisting, the cost of living remaining high, house prices showing little movement, and interest rates slow to fall, optimism for a significant acceleration in transactions or building activity remains low.”