In October, UK house prices saw a small increase of 0.1%, with the average price reaching £265,738, according to Nationwide Building Society.

This was lower than the 0.3% gain predicted by economists and a decrease from the 0.6% increase in September.

Although prices have risen by 2.4% compared to the previous year, they are still below the peak levels seen in the summer of 2022.

This suggests a potential slowdown in the property market as the upcoming budget announcement approaches, indicating that the housing market may be losing momentum at a critical economic juncture.