UK property prices have seen their lowest monthly rise in October since 2008, according to the Rightmove House Price Index.
According to a report published by Rightmove on Monday , UK house prices rose by over 0.6% -or nearly £2,000, with some houses priced at over £306,000- compared to last year where prices were down by 0.2%
Rightmove said the slow monthly rise was the lowest “autumn bounce,” referring to the typical house prices in autumn.
In London, the average house price stood at over £618,000, which was increased by 2.4% on the prior month.
Rightmove Director and Housing Market analyst Miles Shipside said: “In a strange Brexit-induced paradox, thousands of potential sellers are holding back compared to this time a year ago, though the number of buyers agreeing purchases is virtually the same.
“Ironically, this means that those who are coming to market have a better chance of selling, so while some would-be sellers are being put off, it’s actually a good time to sell.”
He added: “Those who are ignoring the Brexit disruption have less competition from stay-away sellers, and their prospective buyers have less negotiating power, with a reduced choice of suitable alternatives.”