"House prices grew by 0.5% in October driven by a widening gap between supply and demand and above average growth in prices in London and the South East," Richard Donnell, director of research at Hometrack, said in a statement.
"A chronic lack of supply is driving price growth. The supply of homes for sale fell by 1.6% in the month following a 0.3% decline in September. Growth in new sales being agreed is running at 4-5% per month and this is continually eroding the stock of homes for sale," he added.
"In contrast, levels of demand have grown by 3% in the last 2 months. Improving confidence amongst buyers has been fuelled by low mortgage rates and positive news on a recovering housing market."
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