New figures from Halifax reveal that average house prices in October were only 0.9% higher than October 2018 figures, bringing inflation to its lowest rate this year.
The House Price Index published by Halifax also revealed a month to month decrease in prices, as the average price fell -0.1% from September 2019 when the rate of growth stood at 1.1%.
On a quarterly basis, prices did increase between August and October, with a 0.2% increase in prices since the previous May to July quarter.
The average house price is now reported at £232,249.
Russell Galley, managing director of Halifax, said: “Average house prices continued to slow in October, with a modest rise of 0.9% over the past year.
“While this is the lowest growth seen in 2019, it again extends the largely flat trend which has taken hold over recent months. A number of underlying factors such as mortgage affordability and wage growth continue to support prices, however there is evidence of consumers erring on the side of caution.
He added: “We remain unchanged from our view that activity levels and price growth will remain subdued while the UK navigates political and economic uncertainty.”