The average UK property price is now £215,368, said Nationwide, up by £800, or 0.4% over the last year.

October marked the 11th month in a row that annual price inflation was under 1%, as political uncertainty impacts both buyer and seller confidence.

House prices inched up just 0.2% in October compared to September.

Robert Gardner, Nationwide’s chief economist, said: “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.

“The underlying pace of housing market activity has remained broadly stable, with the number of mortgages approved for house purchase continuing within the fairly narrow range prevailing over the past two years.

“Solid labour market conditions and low borrowing costs appear to be offsetting the drag from the uncertain economic outlook. The question is whether this pattern will continue.

Jonathan Samuels, CEO of lender, Octane Capital, added: “Just like parliament, the property market is rudderless. Until there is a clearer sense of how Brexit will pan out, annual price growth looks set to remain below 1%.

“The jobs market is without doubt a critical support, keeping annual price growth in the black. If unemployment starts to rise materially, the resilience of the property market could falter very quickly and 2020 prove very bleak.”