Sales of residential properties increased by 9% in September compared to the same month last year, according to the latest HM Revenue & Customs transaction figures.
On a seasonally-adjusted basis, there were an estimated 91,820 home sales across the UK last month, which was marginally higher than in August.
Sales of commercial properties were up by 5% year on year and also by 5% month on month at 10,250 in September.
Property data firm Search Acumen’s managing director Andrew Lloyd says: “We are encouraged to see the uptick in commercial and residential transaction figures continue this month, sustaining the confidence we have in both markets’ recoveries from a tumultuous period.
“Despite significant tax rises, yesterday’s budget has at least ended weeks of speculation, providing further stability, with policy affecting the next few years in government, being set and disclosed.”
SPF Private Clients chief executive Mark Harris says: “Lower mortgage rates have boosted activity in the market.
“With one interest rate cut behind us and hopefully another coming next week, bringing base rate down to 4.75 per cent, buyers will be more confident about committing to a property purchase.
“However, swap market volatility continues, with five-year swaps edging up over 4 per cent in reaction to the Budget.
“Some lenders are repricing upwards while others hold their ground for now at least, in a bid to attract new business.”
North London estate agent Jeremy Leaf says: “Completed sales are a better gauge of market strength than more changeable house prices, not least because they include cash as well as mortgaged transactions.
“Although reflecting activity from a few months ago, the figures do show buyers and sellers were not fazed by the economic and political uncertainty prevailing at that time, which bodes well.
“We do not believe the Budget will have a significant impact although properties which investors decide not to purchase due to higher stamp duty could be snapped up by first-time buyers as they also look to take advantage before they have to pay more stamp duty after the spring.”
