House prices are now higher than they were a year ago after a 2.8 per cent hike in the past month.
Property website Rightmove said a continued shortage of stock coupled with strong buyer demand had caused the average price of jump by £6,188 across England and Wales during October.
The climb was the biggest since February 2008. It was also the most significant increase for October in six years.
The average house is now priced at £230,184.