Landmark Information Group’s Q4 2025 Residential Property Trends Report shows that property activity slowed in the final quarter of the year, as economic and fiscal uncertainty prompted buyers and sellers to delay decisions.
The late-November Budget extended market caution. High stock levels and record asking-price reductions reinforced a widespread ‘wait-and-see’ approach, leaving little room for a pre-Christmas bounce. Activity picked up slightly towards the end of December, suggesting the market paused rather than contracted.
Across England and Wales, listing volumes fell 7% year-on-year in Q4 after holding steady earlier in the year. A post-Christmas uplift indicates that the slowdown reflects hesitation rather than withdrawal.
Transaction activity also softened. Sold Subject to Contract (SSTC) volumes dropped 17% in Q4 compared with 2024, with November the weakest month, down 25% amid Budget uncertainty. Mortgage valuation activity dipped 0.2% in the final three months, contrasting with a 12.2% rise in the first three quarters. Property search orders fell 19% year-on-year, while completed sales dropped 6%, a rare decline for the typically busy pre-Christmas period.
Scotland showed more resilience. After slight dips in October and November, December listings and Sold Subject to Missives (SSTM) volumes exceeded December 2024 levels. With the Scottish Budget in January, the market avoided the sharper slowdown seen in England and Wales.
Landmark’s data suggest Q4 2025 was a temporary pause rather than a structural decline. Entering 2026, the market faces cautious optimism, provided conditions remain stable and confidence improves.
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.”
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.”
