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The Land Registry's house price index showed a positive monthly house price change of 0.6 per cent in October, which was the fifth month in a row in which the movement has been greater than 0 per cent.

However the annual house price change still stands at minus 3.4 per cent.

This was the sixth month in a row in which the fall in annual change has decreased.

The region with the most significant annual price fall was the west Midlands with a movement of minus 6.3 per cent.

The north west experienced the greatest monthly rise with a movement of 1.9 per cent.

Wales was the region with the most significant monthly price fall with a movement of minus 2.3 per cent.

The most up-to-date figures available showed during August 2009 the number of completed house sales in England and Wales rose by 11 per cent to 53,236 from 48,109 in August 2008.

Transaction volumes, while no longer falling at 2007 rates, remained relatively low, according to the Land Registry.