The number of homes sold in October reached 98,450, an increase of 2% compared to September, but a reduction of 2% compared to the same month last year, according to the latest HMRC property transactions data.

Provisional figures, on a seasonally-adjusted basis, show that commercial property sales plummeted by 29% year-on-year in October, to 10,250, but this was 2% higher than September’s number.

Experts say the robust figures for residential transactions show the resilience of the housing market in the face of uncertainty.

But they also point to the need for further support to stimulate sales activity, which is still relatively slow compared to longer-term trends.

OnTheMarket president Jason Tebb says: “The series of interest rate reductions over the past 16 months has provided reassurance for buyers and sellers, and improved affordability. 

“This month’s rate hold suggests a stable rate environment which is further helping buyers plan ahead.

“With the Budget out of the way, uncertainty has been removed. 

“Buyers and sellers can make decisions with confidence and proceed with transactions without worrying as to what may be round the corner. “

SPF Private Clients chief executive Mark Harris says: “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.

“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.”

North London estate agent and former RICS residential chairman Jeremy Leaf says: “Resilient transaction numbers suggest housing market activity will continue even without government assistance, which was so lacking in the Budget.

“This is vital as any drop-off in the number of transactions has a multiplier effect on the wider economy, not just the housing market.

“Transactions are a better barometer of market health than more volatile house prices, even though they reflect cash and mortgaged buyer activity perhaps three or four months earlier.

“As affordability gradually improves, especially with another base rate cut looking likely, we expect transaction numbers to pick up.”

For Richmond estate agency Antony Roberts’ head of sales Amy Reynolds, any such improvement is unlikely to be seen until 2026.

She says: “While not yet reflected in these official, yet dated, figures, agents reported that activity slowed ahead of the Budget and now we are in the run-up to Christmas, we don’t expect this to improve significantly.

“However, we are hoping that the market will pick up in the New Year, particularly as the measures in the Budget didn’t turn out to be as bad as many feared.

“Unfortunately, nothing has got cheaper when it comes to moving, particularly stamp duty, so the pressure on the market remains as before and will do so until there is intervention to stimulate it.”

MT Finance director Tomer Aboody agrees that sales could remain relatively sluggish without intervention. 

He says: “With the Budget lacking any form of positive encouragement for the property market, it is difficult to see how transactions numbers will meaningfully improve.

“In the scheme of things, transaction numbers are low as the cost of moving is still very high.

“Assistance is needed in order to encourage buyers and sellers to move, and get the market functioning properly.

“An interest rate reduction early in 2026, if not at next month’s meeting, would go some way to encouraging more activity.”