The number of property transactions so far this year has reached the 1m mark after volumes ticked back up between September and October.

HMRC statistics show there were 111,110 transactions last month, up 1.1% on a monthly basis and 13.3% annually.

It follows a drop in volumes between August and September.

On a seasonally adjusted basis, the transaction count for October 2017 was 105,260 transactions, up 1.7% on a monthly basis and up 9.2% year-on-year.

On a regional basis, England and Wales saw monthly increases but transactions in Scotland and Northern Ireland declined.

England saw a 2% increase from September to October at 94,340, and Wales was up 0.9% to 5,120.

Scottish volumes were down 6% in October to 9,240 and Northern Ireland saw a 5% drop to 2,410 over the same period.

There have now been 1.02m transactions between the beginning of the year up to the end of October, or 1.01m on a seasonally-adjusted basis.

However, Land Registry figures up to the end of July actually put transactions a lot lower so far this year at 521,702.

The figures will provide food for thought for Chancellor Philip Hammond ahead of his Budget today, with many hoping for announcements on Stamp Duty reform to help boost transactions.

Brian Murphy, head of lending for the Mortgage Advice Bureau, said: “In a year that’s seen Brexit divorce negotiations start and an interest rate rise, this would suggest that for many, bricks and mortar is still seen as a sound investment, and clearly that those who are buying a property are doing so based on their own agenda and personal circumstances, rather than being concerned by the current economic and political situation.

“Having said that, we’re still seeing a lack of discretionary movers in the market, as well as moving into the traditionally quieter time in the lead up to Christmas, therefore if the overall transaction numbers for 2017 are slightly less than the previous two years, this would neither be surprising nor cause for concern.

“Of course, we won’t know until the New Year how the interest rate rise this month or any rabbit that Chancellor Hammond may pull out of his hat today with regard to Stamp Duty might affect transaction numbers over the next two or three months, as there is always a month’s lag in the data.

“However, for many in the industry, despite reports of a significant cooling of activity in London and the south-east over the last few months, the numbers would suggest that, for now, the UK property market remains on a steady footing.”