Annual house price growth remained “subdued” in October, according to the Nationwide building society.

Prices grew at an annual rate of 0.4%, with property values edging up 0.2% in October compared with the month before.

That took the average price of a UK property to £215,368.

“Annual house price growth remained below 1% for the 11th month in a row in October, at 0.4%,” said Robert Gardner, Nationwide’s chief economist.

“Average prices rose by around £800 over the last 12 months, a significant slowing compared with recent years – for example, in the same period to October 2016, prices increased by £9,100.

“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.”