Step 1: Recall common properties of transition metals.
Transition elements typically show:
- Variable oxidation states due to incomplete d-subshell
- Formation of coloured compounds due to d-d transitions
- Formation of interstitial compounds due to small size and vacant sites
Step 2: Check the option about natural radioactivity.
Natural radioactivity is a property of unstable nuclei, not a general characteristic of transition metals.
Only a few elements are radioactive, but transition elements as a group are not defined by radioactivity.
Step 3: Conclude.
Thus natural radioactivity is not a characteristic property.
Final Answer:
\[
\boxed{\text{(D) Natural radioactivity}}
\]