The State of UK Investment
Q3 2025

Q3 2025 saw a drop-off in both the number and value of deals compared to the previous quarter.

This trend mirrors last year’s figures from Q2 to Q3 in 2024 — especially in the value of deals (£4.45b), which plummeted by 35% compared to Q2 2025’s £6.84b.

However, optimism remains in the form of the total number of completed deals. Whilst the number of deals completed dropped slightly (-3.7%), it’s far more moderate than the comparative cliff of -29% seen between Q2 and Q3 2024.

“Optimism remains in the form of completed deals.”

With 1,370 deals completed in Q3 2025, compared to 1,422 in Q2, it’s clear that investment is still flowing at a consistent rate. However, the total value of these deals is far smaller.

A year-on-year view is more stable, with Q3 2025 seeing a 9% increase in deals on Q3 2024, and a 5.1% increase in total value, with £4.45b raised during the quarter just gone.

This year and last are not the only periods between Q2 and Q3 where this has happened. Other years that saw comparative drops in value include 2019 and 2022.

2019 was laced with uncertainty due to a December general election and the extension of two EU withdrawal deadlines. 2022 meanwhile saw the historically poorly-received mini budget, which sent shockwaves through the market.

The markets dislike uncertainty, and 2025 has not been without this either — with a global tariff war and inflation shrinking at a smaller pace than expected.