"The market is hovering around six-year lows and is unlikely to move off the rocks until there is some certainty for buyers"
House prices increase by 0.9% in the 12 months to October, the lowest annual growth seen in 2019, according to the latest Halifax house price index.
The data shows that house prices increased by 0.2% over the quarter and fell by 0.1% on a monthly basis.
Russell Galley, managing director of Halifax, said: “Average house prices continued to slow in October, with a modest rise of 0.9% over the past year. While this is the lowest growth seen in 2019, it again extends the largely flat trend which has taken hold over recent months.
“A number of underlying factors such as mortgage affordability and wage growth continue to support prices, however there is evidence of consumers erring on the side of caution.
“We remain unchanged from our view that activity levels and price growth will remain subdued while the UK navigates economic uncertainty.”
Lucy Pendleton, founder and director of James Pendleton estate agents, added: “The market is hovering around six-year lows and is unlikely to move off the rocks until there is some certainty for buyers but London is already roaring back to life.
“October produced a general election date so hopes are growing that certainty could be just around the corner but the situation isn’t without its risks for house hunters.
“Buyers will have that date of December 12 firmly in mind as they enter negotiations and this will undoubtedly lead some to put off exchanging contracts until the outcome is known.
“However, these house hunters will be playing a dangerous game. There is a widely held belief in investment markets that UK companies are in store for a huge injection of cash when Brexit is behind us but the same goes for the property market too. Those buyers who delay could see events move extremely quickly as we enter the New Year and may miss the boat.
“That’s especially true in London where buyers can already smell opportunity and an end to all this madness. The number of best and final offers being demanded of buyers has doubled in the past couple of months. London is already in recovery mode.”