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The number of home sales in October was 2% lower than the same month a year earlier, according to data from HM Revenue and Customs (HMRC).
Across the UK, an estimated 98,450 homes were sold in October 2025, 2% lower than October 2024, but 2% higher than September 2025.
In Budget on wednesday Government High value council tax surcharge announced in England On homes above £2 million from April 2028.
There will be four price bands with the surcharge starting at £2,500 per year for properties worth more than £2 million and rising to £7,500 for properties worth more than £5 million.
This charge will be on top of normal council tax and will be applied to property owners rather than tenants.
The government estimates that less than 1% of UK properties will be subject to the additional tax – but it would raise more than £400 million in 2029-30.
Nick Leeming, chairman of Jackson-Stops, said: “Today’s transaction results show mixed results; while there were reports that transactions were moving ahead to meet the budget deadline, in the main we saw the market stalled.”
He added: “It is likely that we will see more stock on the market in the short term, with minor price adjustments for properties over £2 million.
“We may also see an increase in demand for homes under the tax bracket, where buyers adjust budgets taking into account household cash flow. south eastThis could put upward pressure on prices in mid-tier or even lower-tier property markets, impacting demand in new areas.
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“National figures from Jackson-Stops show a more selective market overall, but this is far from a one-size-fits-all story. Outside the South East, the £500,000 to £800,000 bracket is bucking this trend, which is gaining momentum – evidence that some areas are putting their foot back on the gas. We’ve heard from agents across the country since the Budget that major buyers are now moving forward with clarity in mind.”
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Jeremy Leaf, a north London estate agent, said: “As affordability gradually improves, especially with the prospect of another base rate cut, we expect transaction numbers to increase.
“With the budget out of the way, and relatively little additional revenue likely to be raised from the mansion tax, especially given the delayed payment date, the impact on housing market activity should be minimal in the worst case.”
Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “The data shows sales being agreed months in advance before the Budget rumor mill fully comes into action.”
He added: “The fact that the Budget has not caused any major shock to buyers should support sales in the coming months. News of the so-called mansion tax, with an annual charge on properties worth more than £2 million, could well make a difference at the top end of the market, and some of them will fall down.
“However, it has nowhere near the kind of impact that a sweeping and expensive tax could have.”
Ian McKenzie, chief executive of the Guild of Property Professionals, said: “Now that the budget has been confirmed, thousands of movers finally have the clarity they need to progress.
“What we are seeing beneath the headlines is a market driven by needs-based buyers and sellers, those who are upsizing, downsizing or moving for lifestyle reasons, who have continued to transact.”
Jonathan Handford, managing director of Fine & Country, said: “Sellers who price their homes realistically and present them well are seeing strong interest, as buyers continue to prioritize quality and value.
“The increased choice of stocks across many sectors means buyers are being more selective than last year. However, this approach is not reducing activity, it is simply encouraging a more considered approach.”
Jason Tebb, president of OnTheMarket, said: “With the budget out of the way, the uncertainty is gone. Buyers and sellers can make decisions with confidence and move forward with transactions without worrying about what might happen.”
