The latest Agency Express Property Activity Index has reported that in October the number of residential property sales that were agreed in the UK rose 4% on September’s activity.

However, sales were still 4% down on October 2009.

The number of new properties being put on the market in October fell by nearly 12% – the second consecutive double digit monthly fall. The rise in properties being put up ‘For Sale’ earlier in the year seems to have been calmed by the reports of house price deflation in recent months. Compared to October 2009 there were 16.7% more houses and flats put on the market this October.

Stephen Watson, managing director of Agency Express, said: “There have been concerns voiced about the prospects for both those wishing to buy and those looking to sell properties. The increase in sales this month indicates that the market is stabilising and should provide reassurance to sellers that the buyers are still very active. The supply of properties coming onto the market has contracted as house owners decide to stay put rather than try a speculative sale. This has probably been driven by two factors – the reported softening of house prices and people taking a more cautious approach with their household budget decisions following the announcement of the Government’s spending review.””