Residential transactions climbed in June 2025, with 93,530 completions recorded across the UK—marking a 13% rise on the month, according to HMRC. For landlords, the uptick signals improving liquidity, especially as mortgage rates level out and buyer confidence nudges upward heading into the late summer market.
Better than last year, but still lagging pre-pandemic highs
While the latest provisional figures show a modest 1% increase in seasonally adjusted transactions compared to June 2024, it’s the 13% rise from May that’s getting investor attention. Non-seasonally adjusted completions were even stronger—up 17% month-on-month at 95,080.
Put simply, deals are happening again, though we’re still some way off historic levels. In June 2019, pre-Covid, 100,480 residential transactions were logged. And in the overheated market of June 2021, the total hit a staggering 204,740. That context matters—especially for portfolio landlords considering when to divest or double down.
Richard Donnell, Executive Director at Zoopla, offered a bullish outlook: “The latest data shows housing sales are on the rise, picking up on improved buyer confidence from stable mortgage rates and more sellers in the market, many of whom are also buyers.” He added, “Sales are on track to total 1.15 million this year—5% higher than 2024.”
More landlords are selling—but some are buying too
Anecdotally, letting agents report a noticeable rise in landlord activity—on both sides of the transaction. Some are using the summer bounce to exit underperforming properties ahead of expected EPC legislation, while others are scouting for deals.
Leanne Howarth, senior lettings manager at a mid-sized agency in Leeds, said: “We’ve had more landlords listing this month than any time since February. But we’ve also got investor buyers sniffing around—especially for three-beds in secondary suburbs, where yields have crept back over 6%.”
That’s supported by recent NRLA findings showing increased interest from cash-rich landlords targeting value zones in the North and Midlands. For those with the capital, current conditions offer a rare combination: cooling prices, reduced competition from first-time buyers, and rising rents in key commuter towns.
Mortgage stability driving cautious optimism
Behind the uptick in completions is a simple truth: the market likes certainty. And while mortgage rates remain elevated, they’ve finally stopped climbing. That, paired with rumours of base rate cuts in 2026, is restoring some confidence among buyers—and giving landlords a more predictable refinancing outlook.
According to UK Finance, fixed-rate mortgage availability has also improved. In June, over 70% of new buy-to-let mortgages were five-year fixes—up from 56% in early 2024—suggesting more landlords are locking in longer-term positions.
That’s a welcome shift for those navigating squeezed margins. With average monthly repayments for a £200,000 loan still up over £300 compared to three years ago, any pause in interest rate volatility is being met with quiet relief.
A window of opportunity—or a false dawn?
The rise in sales is certainly encouraging—but it’s also fragile. Ongoing policy uncertainty, from Capital Gains Tax tweaks to the ever-delayed Renters Reform Bill, continues to cast a shadow over landlord confidence.
Still, this latest data gives landlords one thing they haven’t had in months: options. Whether it’s restructuring portfolios, offloading problem properties, or picking up undervalued stock, the transaction uptick suggests the market isn’t frozen—just cautious.
With the Autumn Budget, potential planning reforms, and the prospect of falling rates on the horizon, landlords should watch closely. This may be a rare sweet spot—before new regulation or economic wobbles tilt the playing field once again.
