The estimated number of residential property transactions totalled 116,230 in October, increasing by 13% month-on-month, HMRC has revealed.

The tax agency’s latest monthly property transaction data comes after this figure fell by 2% in September.

Year-on-year, the estimated number of residential property transactions increased by 4%.

HMRC’s monthly estimates are based on its own records as well as those of Revenue Scotland and the Welsh Revenue Authority, for Stamp Duty Land Tax (SDLT), Land and Buildings Transaction Tax (LBTT) and Land Transaction Tax (LTT) in each of the three nations, respectively.

The non-seasonally adjusted estimate of non-residential transactions fell by 26% year-on-year in October, but increased by 10% month-on-month.

National sales manager at Saffron for Intermediaries, Lee Williams, said that the latest data reflects the underlying resilience of the property market in recent months.

He concluded: "Despite speculation that some buyers might take a ‘wait and see’ approach ahead of the Autumn Budget, confidence has remained strong in sections of the market, supported by easing inflationary pressures and a growing range of competitive mortgage products.

"As we now move beyond the Budget, the focus will shift to how the Chancellor’s measures influence sentiment and activity in the months ahead. In an evolving market, it is important to get mortgage advice to ensure customers receive the guidance that best fits their circumstances and requirements."

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