The number of homes sold in October was 98,450, up 2% on September but down 2% on the same month last year, according to the latest property transaction data from HMRC.
Preliminary figures, seasonally adjusted, show commercial property sales fell 29% year-on-year to 10,250 in October, but this was 2% higher than September.
Experts say the robust numbers for residential transactions show the resilience of the housing market in times of uncertainty.
But they also point to the need for further support to boost sales activity, which is still relatively slow compared to longer-term trends.
OnTheMarket president Jason Tebb said: “The series of rate cuts over the past 16 months has reassured buyers and sellers and improved affordability.
“This month’s rate cut signals a stable interest rate environment, further helping buyers plan ahead.
“Now that the budget is out of the way, the uncertainty has been removed.
“Buyers and sellers can make decisions with confidence and move forward with transactions without worrying about what lies in wait.”
Mark Harris, CEO of SPF Private Clients, said: “Transaction numbers increased in October as stability and consistency, in terms of interest rates, encouraged buyers and sellers to continue with their plans.
“Lenders continue to cut their mortgage rates, a trend we will see more of in the coming weeks, but it is likely to fall rather than drop significantly.
“With markets expecting perhaps two or three further base rate cuts, this is good news for borrowers planning a move or a new mortgage in early 2026.
“Although the era of rock-bottom interest rates is over, most people have adapted to paying more for their loans.”
North London estate agent and former RICS residence chairman Jeremy Leaf says: “Resilient transaction figures suggest that housing market activity will continue even without government support, which was so lacking in the Budget.
“This is crucial because any decline in transactions has a multiplier effect on the wider economy, not just the housing market.
“Transactions are a better barometer of market health than more volatile home prices, even though they reflect buyer activity with cash and mortgages perhaps three or four months earlier.
“As affordability gradually improves, especially as another base rate cut appears likely, we expect transaction numbers to pick up.”
Such an improvement likely won’t be visible until 2026, according to Amy Reynolds, head of sales at the Richmond real estate agency.
She said: “Although not yet reflected in these official, albeit dated, figures, officers reported that activity was slowing ahead of the Budget and now that we are in the run-up to Christmas we do not expect this to improve significantly.
“However, we hope that the market will pick up in the new year, especially as the measures in the budget have not turned out as bad as many feared.
“Unfortunately nothing has become cheaper when it comes to moving, especially stamp duty, so the pressure on the market remains as before and will remain so until action is taken to encourage this.”
MT Finance director Tomer Aboody agrees that without intervention, sales could remain relatively slow.
He says: “With the Budget lacking any positive encouragement for the property market, it is difficult to see how transaction numbers will improve meaningfully.
“In general, transaction numbers are low because the costs of moving are still very high.
“Help is needed to encourage buyers and sellers to get moving and keep the market functioning properly.
“A rate cut in early 2026, if not at next month’s meeting, would encourage more activity to some extent.”