Dental market operating with ‘improved confidence’ in 2025

Offers from first-time buyers and independent owners for private practices rose sharply between 2024 and the first half of 2025, increasing from 16% to 39%.

This is according to the latest Dental Market Review by Christie & Co.

Released today, the report suggests ‘a resurgence of confidence’ in the UK dental market following a period of caution.

It reads: ‘After a subdued period in 2023 and throughout most of 2024, driven by rising interest rates, inflationary pressures, and workforce challenges, corporate dental operators adopted a more cautious stance, focusing on internal optimisation and scaling back acquisition strategies. This shift led to a sharp decline in transaction volumes, with many groups prioritising organic growth.

‘However, the tide appears to be turning in 2025. The first half of this year saw a resurgence of confidence across the corporate landscape. Many operators are signalling a return to acquisitive growth, with renewed appetite for strategic expansion.

‘As economic conditions stabilise and internal operations mature, we’re seeing tangible signs of re-engagement.’

Private practice stability

In 2024, 74% of Christie & Co’s completed deals were to independent operators (one to two sites), 11% to mid-sized and smaller groups (three to 29 sites), and 15% to corporates and larger groups (more than 30 sites).

Analysis points toward movement away from NHS dentistry and towards mixed and private practices. For example, between H1 2023 and H1 2025, corporate buyers increasingly targeted private dental practices. Small and medium-sized groups leaned more toward private and mixed (private) acquisitions. While independent and first-time buyers initially preferred NHS practices, they began pivoting toward private models by 2025.

This shift, says Christie & Co, reflects changing buyer expectations, increased access to funding, and a response to the perceived stability and profitability of private dentistry amid NHS uncertainty.

Steady level of market activity

In 2024, 68% of all accepted offers were at or above the asking price, which included 49% that were over the asking price. Some 48% of offers not accepted were also at and above the asking price, which is most likely due to competitive interest and multiple offers being received on individual market opportunities. 

Corporate and larger groups showed a significant uptick in interest for NHS and mixed NHS practices, with their share of offers climbing from 8% to 45% over the same period 

Mid-sized and smaller groups maintained a steady level of activity in the NHS and mixed NHS segment, contributing around 50% of offers. However, engagement with private practices grew from 22% to 32%.

Corporate and large group ownership*

* as of August 2025.

Offers from first-time buyers and independent owners for private practices rose sharply between 2024 and the first half of 2025, increasing from 16% to 39%. Corporate and larger groups showed a significant uptick in interest for NHS and mixed NHS practices, with their share of offers climbing from 8% to 45% over the same period.

Paul Graham, managing director – medical at Christie & Co, said the current climate marks a ‘moment of real opportunity’.

‘Independent operators remain a powerful driving force, yet we are also witnessing the return of corporate and group buyers who are now acting with greater discipline and selectivity,’ he said.

‘Alongside this, the emergence of new investors and fresh capital entering the sector is driving consolidation, but in a more disciplined, strategic way than in previous cycles.

‘This balance is creating a competitive environment, and for owners considering their next step, it represents a moment of real opportunity to achieve strong outcomes and maximise long-term value. Following the market correction a couple of years ago, this renewed stability has been long overdue – it’s encouraging to see it gathering pace now.’

You can read the full report here.