Practice investment activity has been shaped by evolving financing conditions, cost pressures, and wider economic uncertainty. However, improving stability and lowering borrowing costs are beginning to support a more favourable environment, with confidence continuing to strengthen and conditions becoming more supportive for investment. As a result of this improved affordability, specialist lenders are now offering higher loan-to-value ratios and more flexible terms, particularly benefitting first-time buyers and operators looking to expand (1).

The UK dental practice market remains active, with around 12,000 practices and sustained transactional momentum. Independent buyers including first-time buyers, existing owners, and smaller groups accounted for over 90% of agreed transactions in 2025, while corporate purchasers represented around 7%, down from 18% in 2024 (1). This shift towards independent ownership is reinforced by a growing cohort of early-career dentists entering the market. First-time buyers accounted for around 33% of transactions in 2025, up from 27% in 2024, reflecting increasing confidence, and a more entrepreneurial approach amongst younger clinicians (2).

In 2024, market activity strengthened, with viewings rising by 19%, offers increasing by 17%, and agreed deals up 26% compared with 2023. At the same time, the number of practices brought to market increased by 18%, supporting greater market liquidity and a more dynamic transaction environment. This was reflected in pricing, with practices achieving an average of 108% of asking price in 2024, demonstrating continued demand for high-quality assets (3). These trends are consistent with a broader period of stabilisation across both the dental and wider property markets. Christie & Co describe 2024 as a year of recovery following a market correction in 2023, with improved lending conditions and renewed buyer confidence supporting activity. More recent evidence suggests this momentum has continued, with a 6.7% increase in deals agreed in 2025 compared with 2024, reinforcing the positive trajectory of the market (2).

In parallel, wider property market indicators reinforce this picture. The Royal Institute of Chartered Surveyors’ UK Commercial Property Monitor Q4 2025 reports a broadly stabilising investment environment following earlier tightening in credit conditions, with sentiment improving, and expectations for activity strengthening. This is reflected in their credit condition indicator turning positive, with a net balance of +9% (up from -12% in Q3), signalling an easing in financing constraints, and supporting a more favourable backdrop for investment activity (4).

This more positive outlook is also evident in sector-specific sentiment, which has improved notably year-on-year. In a survey conducted by Christie & Co, the share of dental professionals reporting a positive outlook in the year ahead increased from 37% in 2025 to 59% in 2026, while negative sentiment fell from 26% to 13%, indicating a clear shift towards greater confidence across the sector (1). Looking ahead, activity is expected to remain supported by continued demand from independent operators and first-time buyers. Ongoing recruitment challenges and financial constraints on NHS-led practices are likely to continue shaping buyer preferences, with mixed and private-heavy practices remaining particularly attractive (5).

These investment dynamics are closely tied to the underlying economics of NHS dentistry. Variation in contract values continues to play a key role in shaping both practice performance and buyer behaviour. In particular, differences in Units of Dental Activity (UDA) rates across England remain a significant factor influencing the attractiveness and long-term viability of NHS provision.

Changes to practice UDA rates in England

UDA values continue to vary across England reflecting differences in local commissioning and access pressures. However, compared to 2023-4, recent data for 2024-5 shows a clear upward shift in average UDA values, with the highest-value Integrated Care Boards (ICBs) now exceeding £40 per UDA, up from the mid-£30s previously. Values at the lower end have also increased, helping to narrow disparities in some areas, even as overall variation remains a feature of the system.

Taken together, these changes point to gradual progress in funding levels and a more supportive financial environment for practices. While differences across regions persist, the combination of higher UDA values and targeted adjustments suggests a system that is evolving in response to local need, with the potential to improve the visibility of NHS activity, and support more consistent access to care over time. Our UDA value checker can help you to compare your practice or the practice you work in to the local and national averages.

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