David Fell, lead analyst at Hamptons, said: “This time last year, buyers and sellers were rushing to beat the end of the stamp duty holiday; consequently, many year-on-year comparisons back to early 2025 currently look negative on paper.
“Nationally, the number of sales agreed is running eight per cent below last year’s levels.
“In London and the South East – where average stamp duty savings were most significant – those dips are closer to 15 per cent.
“However, the 2026 market has followed more traditional seasonal patterns so far, free from the momentum-disrupting shifts in stamp duty thresholds.
“So as we head towards spring, many of these year-on-year comparisons will likely turn positive as we move past the ‘post-holiday’ lull of 2025.
“2026 is already shaping up to be a strong year for the housing market.
“The number of sales agreed is running above both 2023 and 2024 levels and is on track to surpass 2025 figures by the end of February.
“This year marks the fifth anniversary of the busiest market in a generation, when 1.5 million people moved home in 2021.
“With record numbers of those homeowners now reaching the end of five-year fixed-rate mortgages, many will get ‘itchy feet’ as they look to relocate rather than simply stay put and refinance.”
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