According to HMRC, the number of seasonally adjusted residential transactions is also up from 100,610 in October 2024 last year.
The report said this was the highest seasonally adjusted residential transaction figure since March this year.
On a non-seasonally adjusted basis, residential transactions rose by 13% in October month-on-month to 116,230. This compares to 111,700 in October last year.
Mark Harris, chief executive of mortgage broker SPF Private Clients, said transaction numbers “picked up” in October, as “stability and consistency, as far as interest rates are concerned, encouraged buyers and sellers to press ahead with their plans”.
He added: “Lenders continue to trim their mortgage rates, a trend we expect to see more of in coming weeks, but they are likely to edge down rather than fall significantly. With perhaps two or three further base rate cuts expected by the markets, it’s good news for borrowers planning a move or remortgage in early 2026. While the era of rock-bottom rates has passed, most have adjusted to paying more for their borrowing.”
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Hamza Behzad, business development director at Finova, said this month’s data is a “hopeful sign that confidence is starting to return to the housing market and the sector’s overall health is robust”.
“In the immediate aftermath of the Budget, it’s difficult to know how the government’s new policy changes will impact market activity in the coming months, but the Chancellor’s decision to avoid a wider property tax and keep stamp duty unchanged should help lift market confidence.
“However, the mansion tax and higher taxes on landlords may worsen rental pressures, making lender support and efficient decision-making even more critical. Now the dust is settling, in this period of transition, lenders must continue investing in technology that delivers faster, smarter decision-making. The ability to scale and support borrowers will be essential as the market responds to a newly defined policy landscape,” he added.
