A survey from the National Association of Estate Agents (NAEA) revealed the number of houses for sale per branch was 15% higher than the monthly average for the rest of 2014.
The findings showed an average of 53 properties were on sale per branch which was the highest number recorded since October 2013. An average of 51 properties for sale was recorded per branch in September.
October also saw a fall in the number of house hunters creating a better balance between available housing and demand. The number of house hunters registered per NAEA member branch fell from 406 in September to 380 in October.
Mark Hayward, managing director at the National Association of Estate Agents, said: “The report shows that there is a better balance emerging between the level of demand and supply, as the number of registered house hunters falls for October, while the average number of available properties registered per branch rises to accommodate those looking to buy.”
Hayward said that both supply and demand was seasonally low for October and that the decrease in demand could be a direct result of the stricter lending criteria which came into play at the end of April.
He said:”This has certainly been reported as one possibility by our NAEA member branches.”