House sales in September were 9% up on the previous year at 91,820 based on seasonally adjusted figures, according to property transaction data from HMRC.
A marginal 1% month-on-month increase was recorded, marking the first time transactions have increased on a monthly basis since May.
Non-seasonally adjusted transactions fell 9% from August, which is in line with seasonal expectations.
Confidence boost
Karen Noye, mortgage expert at Quilter, said: “Autumn can be a busy period for the property market, and now given the uncertainty of the Budget is no longer looming over people, it may give them more confidence to go out and back big housing decisions.”
Nick Leeming, chair of Jackson-Stops, said: “The short delay in transaction data shows us the immediate boost that the outcome of the election provided the housing market, with buyers pressing on with their searches amid falling interest rates and positive wage growth.
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“Yet, transaction levels are becoming more stagnant month-on-month due to the lack of available stock on the market at this time, which would enable more purchases.
“Despite yesterday’s theatrics in the Budget, the property market remains in largely the same position as before. Making £5bn available for housebuilding is very significant, but until spades hit the soil, there is no material change for the market.”
Matt Thompson, head of sales at Chestertons, added: “In September, sub-4% mortgage products as well as lower interest rates motivated house hunters to start or finalise their property search. This uplift in buyer interest enticed sellers to put their property up for sale sooner rather than later, which provided buyers with a larger pool of properties to choose from.
“We currently have 17% more properties under offer than in 2020 and still register new house hunters entering the market. We expect this level of buyer activity to continue over the coming weeks, especially if the Bank of England announces another rate cut next week.”
