Editor's note: This brief was summarised by The Property AI Newsroom from a report by PropertyWire. Read the original article for full details.

UK Property Transactions Stabilise in June After Two-Month Decline

UK residential property transactions halted a two-month decline in June 2026, according to data released by HMRC. The seasonally adjusted estimate for residential transactions in June reached 98,700, a marginal increase of less than 1% compared to May’s figure of 98,460.

The June 2026 total was 2% higher than the same month in 2025, when the market was normalising after the end of a stamp duty holiday. The non-seasonally adjusted estimate stood at 103,050 transactions, which is 6% higher than June 2025 and 11% higher than May 2026. HMRC stated that the year-on-year increase in transactions in June 2026 likely represents an increase in underlying property market activity.

Market Activity and Industry Perspectives

Despite the stabilisation, the traditionally strong spring period showed limited momentum. Tom Bill, Head of UK Residential Research at Knight Frank, noted that transaction numbers remained flat in June, a period when increases are typically expected. He attributed subdued activity to higher mortgage rates and uncertainty around property taxation.

Nathan Emerson, CEO at Propertymark, described the increase as an encouraging sign of continued confidence among buyers and sellers, but warned that market confidence depends on greater policy certainty. He highlighted that ongoing discussions about potential reforms to stamp duty and council tax have created uncertainty for consumers.

Jason Tebb, President at OnTheMarket, emphasised that buyers and sellers are adapting to changing circumstances and continuing with transactions. He pointed to the Bank of England’s decision to hold the base rate steady for five consecutive meetings as having a calming effect on the market.

Mark Harris, CEO at SPF Private Clients, observed that buyers took advantage of gradually declining mortgage rates in June, but noted that some lenders have since raised rates, with pricing higher than a month ago.

Broader Market Context

Jeremy Leaf, a north London estate agent and former RICS residential chairman, commented that completed sales data reflects decisions made several months prior, when concerns about the Iran conflict and cost of living pressures were more pronounced. Iain McKenzie, CEO at The Guild of Property Professionals, acknowledged that political uncertainty, higher mortgage rates, and global events have caused some buyers to pause, but said that market activity remains measured rather than halted.

The June figures suggest that the UK property market is maintaining baseline activity levels despite multiple headwinds. However, the absence of typical seasonal growth indicates continued caution among market participants ahead of anticipated policy changes.