UK house prices edged ahead for the third consecutive month during October, backed by dearth of property for sale.

As per figures compiled by the research company Hometrack, the average cost of a home in England and Wales 0.2 per cent during October, though average house price is still 4.2 per cent lass as compared with last year figures.

Prices were strongest in London where they jumped 0.4 per cent.

Property suppliers are now getting an average of 92.9 per cent of the asking price as compared with 92.4 per cent in last month.

Speaking on the topic, director of research at Hometrack, Richard Donnell, said, "The discount between sales and asking prices is back to the same level it was at the start of the credit crunch over two years ago."

However, majority of the current price rises have been witnessed in only 16 per cent of the country, while remaining part of the country reported static prices.