Average house prices in the UK increased by 0.3% in October, data from the Land Registry shows.

Annually, October delivered double-digit growth, posting a rise of 12.6%. This takes the average UK property price to £296,422.

In England, prices rose by 0.2% on the month and by 13.2% annually, with an average house price of £316,073. In Wales, these numbers are, respectively, 0.1%, 11.8%, and £223,824.

And in London, prices dropped 0.9% on the month and rose 6.7% annually, leaving the average property valued at £514,720.

North London estate agent and former Rics residential chairman Jeremy Leaf says: “At first glance, this most comprehensive of all the housing market surveys seems to demonstrate considerable resilience.

“However, digging a little deeper, these numbers reflect what was happening in late summer and early autumn, not what we’ve been seeing in our offices since.

“Most demand, fuelled by mortgages arranged on more advantageous terms, seems to have been satisfied.

“A better test will come in early 2023 when a large proportion of buyers have to decide whether they will continue to press the pause button or review their searches in response to lower mortgage rates and inflation figures.”

Meanwhile, Dashly.com founder Ross Boyd comments: “These figures, although affected by the Stamp Duty holiday, bear no reflection on where the market is at in December.

“The whole property and mortgage market has been turned on its head since the disastrous mini-Budget. With inflation still in double digits and mortgage rates on a different plane to where they were just six months ago, 2023 could be like 2008 all over again.

“It’s not inconceivable that average UK house prices could drop by 10% to 15% over the course of the next year or two as we enter what the Bank of England predicts will be the longest recession since records began. Much will depend, of course, on how the jobs market holds up.”