This is the lowest annual growth for the UK since July 2013, when house prices increased by 2.3%.

House prices grew fastest in the North West region, increasing by 4.9% in the year to October 2018. House prices in London fell by 1.7% in the year to October 2018. London house prices have been falling over the year each month since July 2018.

The Bank of England November inflation report highlights that the slowdown in the London market since mid 2016 is probably due to the area being disproportionately affected by regulatory and tax changes, and also by lower net migration from the European Union.