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UK house prices fell by -0.7% between September and October 2019, the UK House Price Index has found.

After the fall annual price growth stood at just 0.7%.

Shaun Church, director at Private Finance, said: “House price growth has almost ground to a halt, with the lowest annual increase in prices seen in more than seven years.

“A slump in demand due to a wait-and-see approach in response to Brexit has stifled housing market activity throughout the year, with this having a direct impact on house prices.

“Though less comforting for homeowners looking to see a return on their investment, buyers will benefit from this long-awaited improvement in housing affordability.”

John Goodall, chief executive and co-founder of buy-to-let specialist Landbay, said: “Boris Johnson’s election victory should pave the way for a stronger UK economy, and thus a healthier housing market, as we break away from political ambiguity.

“The ‘Boris bounce’ is expected to put an end to the recent stalemate in the property market, offering confidence to buyers and sellers alike to make a move.

“Demand has been humbled by instability, so 2020 should bring an early ‘spring bounce’ as those who have sat on their hands are spurred into action.”

Prices recorded the biggest monthly fall in the North East (-2.7%), followed by London (-1.7%) and the West Midlands (-1.6).

Bucking the trend was Yorkshire and the Humber, the only English region to see prices rise (0.9%).

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