HMRC’s provisional seasonally adjusted estimate of the number of UK residential transactions in October 2024 is 100,410.

This is 21% higher than October 2023 and 10% higher than the previous month.

The non-seasonally adjusted estimate in October is 111,100, up 23% year-on-year and 17% up on September’s figure.

Meanwhile, the seasonally adjusted estimate of the number of UK non-residential transactions is 14,150, up 42% year-on-year and 40% higher than September 2024.

The non-seasonally adjusted estimate of the number of UK non-residential transactions in October 2024 is 14,990, 47% higher than October 2023 and 49% higher than September 2024.

ENCOURAGING

Malcolm Webb, risk director, Legal & General Surveying Services, said: “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 first-time buyers looking to complete before the new, lower Stamp Duty thresholds come into effect.

“If you’re planning your next move, whether now or in the new year, speaking to a mortgage adviser can help to streamline the process. And don’t forget the value of a home survey—it’s a smart step in the homebuying journey that can help you to avoid unwelcome surprises and costly repairs after you’ve moved in.”

“Swap rates have also eased, which should enable lenders to offer lower mortgage rates”

Mark Harris, chief executive of mortgage broker SPF Private Clients, added: “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.”