HMRC says the provisional seasonally adjusted count of UK residential property transactions fell to 96,710 in July, down 2 percent on June and 1 percent on the same month last year.
The fresh release, published at 9.30am on Friday, points to a market that still has not built clear momentum after June’s modest improvement. HMRC’s non-seasonally adjusted figure was stronger at 106,620, up 3 percent month on month and 5 percent year on year, but the adjusted series remains the cleaner read on underlying market direction.
That matters for landlords weighing disposals, purchases and refinance timing ahead of the autumn market, because slower turnover usually means longer selling periods, more price negotiation and a higher risk of stock sitting in limbo.
July dip keeps pressure on liquidity
The official release covers residential and non-residential transactions above £40,000 and remains one of the fastest national reads on deal flow. Mortgage Solutions said several market participants saw July’s drop as a sign that affordability and borrowing costs are still limiting how quickly activity can recover.
For investors, the practical issue is not whether the market has frozen. It has not. The issue is that a thin, price-sensitive market can make landlord exits slower and more expensive, particularly where flats or higher-value southern stock already face weaker demand.
This follows Landlord Knowledge’s recent coverage of HMRC stamp tax receipts, which showed tax intake rising even while the wider market looked cooler. The latest transaction figures reinforce that split between government receipts and the day-to-day ease of getting deals over the line.
Autumn market will matter more than headlines
HMRC has already scheduled the next update for 30 September, when provisional August data will show whether July was just a wobble or part of a softer late-summer pattern. That timing matters because autumn usually sets the tone for the final quarter and for many landlords’ year-end decisions.
There is also a clear regional and property-type angle. Flats have been taking longer to sell in several recent market reports, while landlords trying to sell former rentals face added caution where yields are under pressure or service charges are high. In that context, even a modest national decline can translate into much slower exits on the ground.
Landlords looking for buying opportunities may read the same data differently. Softer turnover can create room for negotiation, especially if more stock comes to market priced for conditions rather than for last year’s expectations. That was already visible in this week’s Zoopla update on rising buyer searches and slower price growth.
The main point is that landlords should avoid reading too much into a single monthly move, but also avoid assuming the market is stronger than the official data suggests. HMRC’s latest release keeps the picture cautious rather than decisively improving.
Landlords can read HMRC’s monthly property transactions release here, which was updated on 28 August with provisional July 2026 data.
What this means for landlords
- If you’re planning a sale: build in extra time and price realism, especially for flats or weaker local markets.
- Watch for: the 30 September HMRC update, which will show whether August stabilised or slipped again.
- Bottom line: the market is still moving, but it is not moving quickly enough to remove execution risk.
Editor’s view
July’s dip is not dramatic, but it is awkward for anyone hoping the market had plainly turned a corner. For landlords, a merely functioning market is very different from a liquid one.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 28 August 2026
Sources: HM Revenue and Customs
Related reading: Zoopla: buyer searches rise 7% as price growth slows to 0.9%
