Latest data from the Office for National Statistics shows that house prices fell by 0.2 per cent from September to October, leaving the average property price in the UK at £231,095.
On an annual basis, this marks a price rise of 2.7 per cent, the lowest annual rate of growth seen since July 2013, in which time prices rose by 2.3 per cent.
In England specifically, prices fell in October by 0.2 per cent and across the year, rose by 2.4 per cent. The average property value in the country is now £247,914.
Here, the North West saw the greatest monthly and annual rises, at 1.2 per cent and 4.9 per cent respectively, while on a monthly basis the North East was the worst performing region, where prices fell by 1.9 per cent, but annually London takes the crown, with property prices falling by 1.7 per cent.
In Wales, September recorded a 0.3 per cent fall and an annual rise of 3.8 per cent. The average price for a dwelling is £160,874.
Landbay chief executive John Goodall comments: “Amidst a volatile political and economic landscape, the hesitance of buyers and sellers to act is completely understandable. Combine this with the traditional seasonal slowdown, alongside historically low levels of transactions, and stagnant house price growth really is no surprise.”
Legal & General Mortgage Club director Kevin Roberts adds: “Although uncertainty remains, the housing market is diverse and resilient. Property prices continue to rise, and at levels that are much more manageable for those looking to step onto the ladder. Increased competition in the mortgage market is also aiding borrowers, offering more products for both young and old.”
Yomdel chief executive Andy Soloman says: “Let’s not forget, that while a stalling level of price growth may reflect a less than stable economic outlook, it is far from the cliff fall of the previous market crash, and this slow but sure reduction in house prices will be welcomed by the many still priced out of the market.”
Meanwhile, Garrington Property Finders managing director Jonathan Hopper points out the regional variation that is continuing to play out: “In London and North East England – two regions expected to feel the impact of Brexit more than most –average prices are falling as demand wobbles and would-be sellers hunker down and wait for things to improve before putting their home on the market.
“Yet across the Midlands and much of the North, prices aren’t just holding up, they’re rising at a decent clip.
“By contrast in the formerly overheated markets of London and the South East we’re seeing a steady stream of tactical buyers emerging from the woodwork to snap up homes at large discounts.”