Nationwide has reported a 0.3% increase in the average house price for October (Image: whitemay via Getty Images)

Nationwide has reported a 0.3% increase in the average house price for October, bringing the figure to £272,226. This represents a slowdown in UK house price growth, with the average home price rising from £271,995 in September - an increase of £231.

Year on year, house price growth saw a slight uptick, reaching 2.4% in October compared to the same period last year, up from a 2.2% annual rate in September. Property listing website Rightmove also noted a "resilience" in the number of properties coming onto the market this month, although it did not observe the typical "autumn bounce" in asking prices.

Anthony Codling, a housebuilding analyst at investment bank RBC Capital M

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