According to the report from Nationwide Building Society, UK annual house price growth remained subdued at 0.4% in October. Economists had expected a 0.2% increase after a 0.2% increase in September

On a monthly basis house prices increased by 0.2%, after taking account of seasonal factors. Prices were expected to remain unchanged after a 0.2% decline in September.

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: “Annual house price growth remained below 1% for the 11th month in a row in October, at 0.4%. Average prices rose by around £800 over the last 12 months, a significant slowing compared with recent years – for example, in the same period to October 2016, prices increased by £9,100. Indicators of UK economic activity have been fairly volatile in recent quarters, but the underlying pace of growth appears to have slowed as a result of weaker global growth and an intensifying of Brexit uncertainty. To date, the slowdown has centred on business investment, while household spending has been more resilient.