Despite house price rises, the recession will continue to affect the market.
That is according to David Amstell, founder of online property website Briffy.com, who has claimed that the rise suggested by the Land Registry is only seasonal.
"October is the end of the season really, so there is always a little high during the end of the summer holidays and before winter sets in," he said.
However, Mr Amstell did add he had heard that "there seem to be more properties coming available and sales are being made" especially "locally".
The Land Registry claimed that although the average house price in England and Wales increased by 0.6 per cent in October to £159,546, it is still down 3.4 per cent over the whole year.
Average property prices in London grew by 1.4 per cent in October, leaving the average house in the capital costing £317,601.
Whilst the recession may continue to slow house price increases, the good news for many looking to release equity from their homes is that they are still able to release their target amount and can also potentially return later to benefit from future increases in value, with a further release of equity from their plan provider.
By Julia Paris
