Search Acumen, comments on HMRC’s property transaction data for January 2026

Andrew Lloyd , Managing Director at Search Acumen, says:

“January’s figures suggest a market that has held firmer than many anticipated. A sharper drop in transactions would not have been surprising as a slowdown around Christmas and New Year is typical. Instead, today’s numbers show a sector proving the strength and resilience of the UK property market.

“While pre-Budget caution undoubtedly fed into early winter activity, what we’re seeing now is that much of that hesitancy was temporary rather than structural. Consumers in particular pressed pause, but they haven’t stepped away from the market altogether.

“In the residential sector, affordability constraints and mortgage pricing continue to shape behaviour. However, buyers appear increasingly comfortable operating within the current rate environment. The fact that January hasn’t seen a more pronounced dip indicates that underlying demand remains intact.

“For commercial real estate, investors are still proceeding selectively, but deal flow hasn’t stalled. Capital is being deployed carefully, with greater scrutiny on long-term fundamentals, yet the appetite to transact is clearly there.

“As we move further into Q1, the combination of greater post-Budget clarity and the seasonal spring uplift should help translate this resilience into renewed momentum. But, resilience alone isn’t enough. In a market defined by tighter margins, elevated financing costs and more cautious consumers, efficiency has become a competitive advantage. Law firms and property professionals that are investing in technology to streamline due diligence, accelerate transaction timelines, and reduce fall-through risk will be best placed to capitalise on returning demand.”