House prices rose at their slowest pace since early 2024 this month, as higher energy prices and low confidence in the economy put buyers off moving home.
Annual price growth fell to just 0.5 per cent in October, down from 0.8 per cent in September and 1.6 per cent in August according to Nationwide.
The typical home is now worth £273,566 with average house prices having fallen by £5,324 since April.
Nationwide says this is the weakest annual growth it has recorded since January 2024 with prices flat year-on-year.
Robert Gardner, chief economist at Nationwide said: ‘Market activity and house price growth have slowed
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