House price growth across the UK continued to ease in October, with some property analysts claiming that the UK is starting to see the first signs of a post-Brexit slowdown. Overall, the average price of a home in the UK rose by 6.9 per cent in the year to October, reaching £217,000. This was up £14,000 compared with the same month last year, but unchanged from the previous month, according to the Office for National Statistics (ONS). However, on a quarterly basis to October, house prices rose by only 0.4 per cent compared with the previous three months. Lucian Cook, director of residential research at Savills, said: “I think this is the first sign of the house price indices showing a meaningful slowdown, which is largely missed when looking at the annual rate of growth — this shows a better up to date picture of the direction of travel.” He added: “I suspect this is due to weakening sentiment in light of the Brexit vote and a weaker economic outlook. It also likely to be affected by buy-to-let landlords being less active since the extra stamp duty rate was imposed and more cautious in light of upcoming mortgage regulation.”
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