Uncertainty surrounding the government’s forthcoming Autumn Budget has prompted a slowdown in housing market activity, according to Landmark Information Group’s latest Residential Property Trends Report.

The data for the third quarter of 2025 shows a market in pause, as speculation about potential property tax reforms continues to weigh on confidence. While transaction volumes have remained relatively stable, the anticipated post-summer rebound in September failed to materialise.

Across England and Wales, listing volumes in Q3 were down 1% compared with the same period last year, while properties marked as sold subject to contract fell by 6%. Activity levels, the report suggests, remain broadly in line with those seen in 2024, when post-election uncertainty dampened market confidence.

Search order volumes declined by 2% compared with Q3 2024, and completions edged up by only 1% over the same period – a marginal increase masking sharper month-on-month drops of 5% in July and 13% in August.

The report, which covers England, Wales and Scotland, describes a subdued market as both buyers and sellers hold off until the chancellor provides greater clarity on property taxation.

“People want to move, but speculation around potential changes to property taxes in the forthcoming Autumn Budget has caused activity to stall,” said Simon Brown, chief executive of Landmark Information Group. “Movers are likely waiting for clarity before making their decisions.”

Brown said the slowdown offered an opportunity to address long-standing inefficiencies in the property transaction process. “Housing is a cornerstone of economic growth, yet the process of buying and selling homes remains too slow and uncertain,” he said. “The government’s newly announced homebuying reform consultation is a vital and long-overdue step towards change.”

Landmark recently convened a coalition of industry figures to launch Project 28: A Charter for faster, more certain property transactions. The initiative sets out eight cross-industry pledges aimed at cutting average transaction times to just 28 days through greater collaboration, better use of data, and modernised technology.

“Through the Project 28 Charter, we and our industry partners are committed to proving what’s possible,” Brown said. “If we modernise the process, we not only restore confidence to the market, we help unlock growth across the wider economy.”

Despite relatively stable year-on-year figures, the report concludes that confidence has yet to return to pre-pandemic or pre-election levels. With the Budget now looming, much of the market appears to be waiting for direction — a sign, Landmark suggests, of pent-up demand that could return quickly once fiscal policy becomes clearer.