UK non-residential transactions over the same period came in at 9,910, 4% lower than a year ago and less than 1% lower than in August, according to the customs body’s seasonally adjusted provisional estimate. 

The figures come ahead of Chancellor Rachel Reeves’ 26 November Budget, where the Treasury is understood to be considering a range of property tax hikes to help bolster around a £22bn hole in the public finances. 

The lightly-drawn proposals she is considering include a new property tax on the sale of homes worth more than £500,000, and a new local annual property levy to replace council tax over an unspecified phased period. 

Landlords may also be hit by proposals to apply National Insurance to rental income, in a move the Treasury hopes will raise £2bn.    

SPF Private Clients chief executive Mark Harris says: “Seasonally adjusted transaction numbers recovered slightly in September as stability and consistency, as far as interest rates are concerned, are encouraging activity and enabling borrowers to plan ahead with more confidence. 

“A number of lenders have reduced their mortgage rates in recent days.  

“While we’ve had five base rate cuts in the past 13 months, with more expected, the era of rock-bottom rates may be long gone, but borrowers seem to have adjusted to this.” 

Quilter financial planner Ian Futcher points out: “Despite the political noise and speculation around what the Chancellor might announce next month, many buyers are still getting on with it.  

“The market seems to have accepted that higher borrowing costs are here to stay, and that stability, rather than cheap credit, is the new foundation for confidence. 

“There’s still a sense of caution under the surface, with some sellers holding back until the dust settles after the Budget, but the underlying story is relatively positive. As the year draws to a close, the housing market looks less like it’s bracing for a storm and more like it’s learning to live with the weather.” 

Saffron for Intermediaries head of business development Tony Hall adds: “Today’s figures underscore the housing market’s continued resilience. Despite the summer’s debate around potential stamp duty reforms and the wider political discussion over property taxation, confidence has remained strong in the run-up to next month’s Budget.  

“With inflation holding steady and speculation mounting over a possible base rate cut, lenders may soon respond with further rate reductions, offering a welcome boost to borrowers. 

“As we enter a pivotal period of economic and policy change, the upcoming Budget will play a key role in shaping market momentum and buyer sentiment.”