"The index will now spend the next two months going through the motions while it catches up with history."
By country, house prices rose by 0.5% over the year in England, by 1.4% in Scotland, 3.3% in Wales and 4% in Northern Ireland.
Northern Ireland remains the cheapest UK country in which to purchase a property, with the average house price at £140,000.
At a regional level, Yorkshire and the Humber was the English region with the highest annual house price growth, with prices increasing by 3.2% in the year to October 2019. This was followed by the North West, increasing by 1.4%.
The lowest growth was recorded in London, where prices fell by 1.6% over the year. This was followed by the North East, where prices are down by 1.1%.
Lucy Pendleton, founder and director of independent estate agents James Pendleton, commented: “The spinning compass of uncertainty and doubt have been dislodged by the north star of a new PM, and the market has reacted immediately.
“As a result, the tired and frustrated reality that is still faintly visible in this Land Registry report reflects a status quo that is already a distant memory.
“Not yet visible is the Boris bounce in house prices we all sense is already well underway. The UK house price index has well and truly been overtaken by events.
“The index will now spend the next two months going through the motions while it catches up with history. Meanwhile, there’s every sign on the high street that buyers and sellers are returning to the fold.
“The UK is certainly experiencing a resurgence in activity but we won’t know for a couple of months whether, on balance, this will begin to push prices higher or whether greater supply will have a moderating influence while brokers and agents enjoy a pick-up in volumes.
“New enquiries for property picked up the day of the election result and foreign buyers are matching their domestic counterparts for renewed enthusiasm.”
