The number of residential homes sold in October rose 21% compared with a year earlier, official statistics reveal.
HMRC said seasonally adjusted residential transactions reached 100,410 last month, 10% higher than the previous month.
It is the highest monthly seasonally adjusted figure since November 2022.
Lower mortgage rates
Meanwhile, non-seasonally adjusted transactions were estimated at 111,100, up 23% on a year earlier and 17% higher than the previous month.
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “Lower mortgage rates continue to boost market activity and improve transaction numbers.
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“With two interest rate cuts behind us and more to come next year, buyers feel better able to commit to a property purchase.
“Swap rates have also eased, which should enable lenders to offer lower mortgage rates. This will be welcome after a few weeks where pricing has edged upwards again.”
Resilient housing market
Chris Little, chief revenue officer at Finova, said: “Today’s data highlights the resilience of the housing market, which remains in good shape, even despite pre-Budget jitters last month.
“Mortgage approvals have also reached a two-year high, signalling renewed confidence from both buyers and lenders after a few challenging years.
“Equally, the re-emergence of competitive sub-5% products, with rates as low as 3% for those able to shop around, is adding an extra layer of optimism.
“There’s a growing sense of light at the end of the tunnel, especially with another potential base rate cut on the horizon.”
Malcolm Webb, risk director of Legal and General Surveying Services, added: “It’s encouraging to see borrower confidence continue to grow, with healthy gains in new listings and agreed sales.
“As we go into the new year, we could see a jump in first-time buyers looking to complete before the new, lower stamp duty thresholds come into effect.”
