The number of property transactions increased on both a monthly and annual basis in May, the latest HMRC statistics show.
The number of residential transactions totalled 92,390, 13% higher than May 2025 and 7% higher than April 2026.
On a seasonally adjusted basis, transactions were also 17% higher than in May 2025 but 2% lower relative to April, falling from 100,440 to 98,450.
Colin Bradshaw, CEO of TwentyCi, commented: "An increase in May's transaction volumes (in all except seasonally adjusted vs April 2026) suggest the market has remained more resilient than many expected given the ongoing geopolitical conflict. Our own data has consistently shown that buyer demand has held up better than the headlines might suggest, with sales agreed still running ahead of both 2023 and 2024 levels. However, we did see sales agreed in May down 8.1% year-on-year so the market will be hoping that’s a temporary dip rather than a long-term pattern.
"For lenders, the more encouraging trend is the improvement in overall market conditions. Supply of homes coming to market is at its highest level in at least a decade, giving borrowers more choice, while transaction prices remain broadly stable and fall-through rates continue to improve. Those are all positive indicators for a healthier lending market. The key question now is whether this momentum can be sustained."
Nathan Emerson, CEO at Propertymark, said: “An increase in both month-on-month and year-on-year figures for non-seasonally adjusted housing transactions is an encouraging sign that buyers and sellers continue to have the confidence to move despite ongoing economic pressures. Our member agents are reporting that well-priced homes continue to attract strong interest, particularly where there is a good choice of stock available.
“However, maintaining this momentum will depend on improving housing supply and creating greater certainty for consumers. Stable economic conditions, affordable borrowing, and policies that support homeownership are all essential if we are to keep the market moving and give people the confidence to make long-term decisions.”
Amy Reynolds, head of sales at estate agency Antony Roberts, commented: “On the ground, the picture is more nuanced than the national headlines suggest.
“The recent weak mortgage approval figures suggest real caution at the more rate-dependent end of the market, but a good proportion of buyers we are seeing are equity-rich or cash, and well-priced family homes in the right roads are still drawing competitive interest.
“There is the familiar pre-summer push from families wanting to be settled before the new school year, but the mood is steady and selective rather than booming or stalling. We expect a quieter, price-sensitive summer, with activity firming again in the autumn once buyers have more clarity on rates and the geopolitical noise has died down.”
Jason Tebb, president of OnTheMarket, added: “The slight dip in transaction numbers month-on month suggests the ongoing resilience of the housing market in the face of economic and political uncertainty. Buyers and sellers are mostly adapting to changing circumstances and continuing to proceed with their transactions, rather than stepping back and delaying decisions.
"The steady interest rate environment, with the Bank of England holding base rate at four consecutive meetings, should have a calming effect. Falling mortgage rates are assisting borrowers and helping with affordability.
"It is a strong buyer’s market, so those ready to make a move are finding they are in a compelling position. This will help keep property prices in check, which should also assist first-time buyers ready to take the plunge.”
