Search Acumen, comments on HMRC’s property transaction data for October 2025

Andrew Lloyd , Managing Director at Search Acumen, says:

“Today’s data suggests both housing and commercial markets have slipped into a holding pattern, with residential transactions drifting slightly lower than October 2024. This isn’t a collapse, it’s a pause. Buyers and sellers have been pressing the ‘wait’ button while trying to make sense of the Chancellor’s moves and it’s clear that budget blundering has left many uncertain, keeping timid transactions tainting market momentum.”

“In commercial real estate, the picture is similar but more pronounced. Activity remains materially weaker than last year’s 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.”

“ The 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’ll 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.”