The number of residential transactions in the UK reached 100,410 in October, an increase of 21% year-on-year, HM Revenue and Customs (HMRC) has revealed.

Th latest monthly property transactions report from HMRC also found that monthly residential transactions jumped by 10% between September and October.

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 estimated number of non-residential property transactions reached 14,150 in October. This was an annual increase of 42% and a month-on-month jump of 40%.

National account manager at Saffron for Intermediaries, Phil Lawford, stated: "Seeing an uptick in transactions at this time of year is encouraging, especially following a tough 12 months for the housing market. Inflation worries and the prospect of higher-for-longer interest rates have added pressure, but the recent Bank of England rate cut seems to be making a difference, with swap rates starting to ease and mortgage rates following suit. Even with December typically being a quieter month, the market is showing signs of resilience and optimism as we head into the new year.

"It’s worth noting that this data predates the announcements made in the Budget, so it will be interesting to see what impact the changes to stamp duty, in particular, have on transaction levels.

"Since the Budget, cuts to fixed-rate mortgages have come to a halt and we’re not expecting a return to the ultra-low rates of the past ten years any time soon. This makes it even more important for borrowers to consult with a professional adviser to identify the right product for their needs."

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