The number of UK residential property transactions was up 9.2% in October, compared to the same month last year, the latest figures from HMRC show.
The statistics found that 105,260 residential property transactions took place last month on a seasonally adjusted basis, up 1.7% on the figure for September.
There were 11,280 non-residential transactions record in October, 9.6% higher than the same month last year and up 12.1% between September and October this year.
West One Loans managing director Stephen Wasserman says: “The uptick in property transactions demonstrates the underlying stability of the sector.
“It will take some time for the market to fully recover from the upheaval of stamp duty hikes and economic uncertainty caused by Brexit negotiations, but with the Government’s scrapping of stamp duty for first-time buyers up to £300,000, we could see the market grow at a faster rate.”
RICS spokesman Jeremy Leaf says: “On the high street, these figures are much more relevant than the boom and bust of house price rises and falls.
“They bear out what we’ve seen in other recent reports that the market is proving much more resilient than we might have expected. However, the government could do much more to promote transactional activity which would benefit the whole economy.”