Non-seasonally adjusted transactions lifted 17% in October to 111,100 from 12 months before, according to HMRC data.

This is the highest monthly non-seasonally adjusted figure since November 2022.

The report comes after the Bank of England this year introduced its first base rate cuts in four years, in August and November, collectively bringing the interest rate down by 0.5% to 4.75%.

SPF Private Clients chief executive Mark Harris says: “Lower mortgage rates continue to boost market activity and improve transaction numbers.

“With two interest rate cuts behind us in recent months 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.”

Legal & General Surveying Services Malcolm Webb adds: “It’s encouraging to see borrower confidence continue to grow, with healthy gains in new listings and agreed sales.

“First-time buyers continue to lead the charge, representing over a third of all sales. As we go into the new year, we could see a jump in FTBs looking to complete before the new, lower stamp duty thresholds come into effect.”

MT Finance director Tomer Aboody says: “A quite significant increase in transaction numbers compared with this time last year shows how reduced interest rates have encouraged buyers and sellers to be active.

“Although we are still some way off the highs of previous years, the confidence in the market is promising.

“We also need to realise that the full impact of the Budget has yet to be factored in, and therefore, a true indication of where we are at would be around spring next year.

“Let’s hope a further cut in interest rates comes before then, helping the market stay productive and confident.”