The Bank of England saw 68,300 mortgage approvals in October, the highest level since August 2022.

This represents an increase of 2,200 from the month before.

Simon Gammon, managing partner, Knight Frank Finance, said: “October was a busier month as buyers and sellers sought to squeeze deals through ahead of the Budget, but sentiment has since taken a turn for the worst.

“Most lenders hiked mortgage rates in the fortnight following the Budget, which will keep a lid on activity for the foreseeable.

“We expect mortgage rates to remain static through the new year at least, and we won’t see any more meaningful falls until the inflation data shows real improvements.”

Amy Reynolds, head of sales at Richmond estate agency Antony Roberts, said: “Higher transaction volumes across the board are a little surprising as higher borrowing costs and affordability pressures have impacted buyer activity.

“As we head towards the end of the year, we expect buyers to take longer to commit. The exodus of landlords, driven by tax and regulatory changes, has dampened activity in the buy-to-let sector, impacting overall market turnover.

“In areas where stock is limited, markets have remained steady, particularly the family home market with work-from-home potential. Homes that are well priced and well presented are still selling relatively quickly; while buyers may pause to assess financial implications, high-demand areas are likely to retain interest.”

Via @PropertyWire