UK housing market activity proved more resilient than expected last year, with transaction volumes rising despite higher stamp duty costs and political uncertainty.

Residential property transactions across the UK increased by 12% between January and November 2025 compared with the same period a year earlier, according to analysis of HMRC data by Coventry Building Society.

The figures suggest the market continued to function steadily through a year marked by tax changes and Budget speculation. In April, the nil-rate threshold for stamp duty was reduced from £250,000 to £125,000, increasing upfront costs for many buyers.

The change prompted a surge in completions in March, followed by a predictable slowdown in April. Activity then recovered in the following months, indicating that demand had not been fundamentally undermined by the higher tax burden.

The market also faced a period of uncertainty ahead of the Autumn Budget in November, when speculation around potential housing-related measures intensified. Even so, transaction levels over the January to November period remained higher than in 2024.

Jonathan Stinton (pictured), head of mortgage relations at Coventry Building Society, said: “Despite everything thrown at it last year, the housing market kept on moving.

“Buyers adjusted to Stamp Duty changes and Budget uncertainty without stepping away altogether, which is exactly what resilience looks like.

“We don’t know what the year ahead will bring, and there will always be curveballs, but last year showed that the market can absorb change and keep functioning.

“That adaptability gives buyers and sellers something to feel confident about – they can see the market might not always be perfect, but it is resilient.”