The Moneyfacts UK Mortgage Trends Treasury Report showed that this was up from the 5,338 mortgages on the market in September and more than double the 2,258 available a year ago just after the mini Budget.
It was also higher than the 4,939 mortgages that were on the market in October 2021 when activity was stable.
The average shelf life of a mortgage was stable at 16 days, compared to 15 days in September.
Rachel Springall, finance expert at Moneyfacts, said: “The volume of deals in each sector has blossomed to a level not seen since before the fiscal announcement, deals at 90 per cent LTV are the highest since May 2023 (675), and deals at 95 per cent LTV are the highest since the start of September 2022 (274).
“Across the whole mortgage market, product choice is at its highest level since March 2008 and the average shelf life rose slightly to 16 days, a sign the market is stabilising.”
Dropping interest rates
Average mortgage rates declined for the second month in a row, the Moneyfacts data showed.
Reductions were noted across two and five-year fixed rates at all loan to value (LTV) tiers.
The average two-year fixed rate was 6.47 per cent in October, down from 6.7 per cent in September. Meanwhile, the average five-year fixed rate fell from 6.19 per cent to 5.97 per cent.
On average, rates for mortgages at 95 per cent LTV fell by 0.17 per cent month-on-month, while pricing fell by around 0.27 per cent at both 90 and 60 per cent LTV. This applied to both two and five-year fixes.
The average two-year tracker rate also fell from September to October as the base rate was held at 5.25 per cent.
This declined from 6.25 per cent to 6.17 per cent. It was still notably higher than the same month last year when the average two-year tracker rate was 3.77 per cent.
Meanwhile, the average standard variable rate (SVR) rose from 8.09 per cent to 8.18 per cent from September to October. Compared to a year ago, this was higher than the average of 5.63 per cent.
Springall added: “Fixed mortgage rates have fallen across the spectrum, signalling a positive change in the market. Overall, the average two and five-year fixed rates have now fallen for the second month running, so borrowers can find cheaper deals to choose from. These are encouraging signs for borrowers who may be looking for a new fixed rate deal, but they still may be on the fence about locking in, hoping rates will fall further in the weeks to come.
“One area of the mortgage market to feel a negative impact of rate rises month-on-month may well impact consumers who have or will fall off their fixed rate deal.”
Moneyfacts said the average SVR was now at a record high and had risen by 3.78 per cent since December 2021.
