Official figures have revealed that property sales during October were up by eight percent on September's total.
October saw an eight percent rise in property sales compared with September, the latest official figures have revealed.
Data from HM Revenue & Customs (HMRC) revealed that last month saw 65,000 sales, up 5,000 on September's figure. However, the total was still less than half of the figure a year earlier, when sales reached 135,000.
Nevertheless, it marked the first time there had been a monthly increase since May and prompted Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors (Rics), to comment that it appeared the market was "stabilising". He said: "This improvement is broadly consistent with [Council of Mortgage Lenders] mortgage lending data and the Rics new buyer enquiries."
However, Mr Rubinsohn sounded a note of caution over the figures, warning that the looming recession could push sales back down again. "Falling house prices and lower interest rates are encouraging some buyers back into the market but the big risk is the worsening economic climate and the knock-on impact on employment," he said.
Prospective buyers who may have been hoping for some assistance in yesterday's pre-Budget report may have to wait until next year. The chancellor of the exchequer, Alistair Darling, said that the government would have a "detailed scheme" on increasing the UK's mortgage supply by the time of the next Budget.
