Last week saw the release of the latest NASDAL (National Association of Specialist Dental Accountants and Lawyers) statistics from their quarterly Goodwill Survey. The survey covers the quarter ending 31st October 2025 and includes data on valuations as well as deals completed (i.e., practices bought or sold by NASDAL members’ clients in the period).
The quarter ending 31st October 2025 saw goodwill values slightly down in terms of deals done. Overall, goodwill values were at 119% as a percentage of gross fees – compared with 124% in the quarter ending 31st July 2025. Mixed practice goodwill values saw a jump – up to 144% of gross fees compared with 122% in the previous quarter. However, NHS goodwill values took quite a drop – down to 111% from 153% as a percentage of gross fees in the previous quarter. Private practices were steady; 100% as a percentage of gross fees compared to 106%.
“A great time to buy”
Mike Blenkharn, Partner and Head of Dental at UNW LLP who compiled the goodwill survey on behalf of NASDAL said, “the market continues to be busy and I am not sure there is any great trend emerging – apart from perhaps ‘normality’. NHS values were down in this quarter and I am personally seeing a decline in interest in NHS practices. There is still huge interest in private and mixed practices though. We are finding that banks are still very willing to lend to the sector – it is a great time to buy.
“Moving forward, we will see more pressure on practice costs as minimum wages increase and there is a continued downturn in private sector revenue for larger, elective treatment plans.”
The goodwill figures are collated from accountant and lawyer members of NASDAL in order to give a useful guide to the practice sales market. These figures relate to the quarter ending 31st October 2025.
NASDAL reminds all that as with any averages, these statistics should be treated as a guideline only.
