Source: Sharecast
Prices were up 0.3% on the month, down from 0.5% growth in September.
On the year, however, house prices rose 2.4%, up from 2.2% the month before.
The average price of a home stood at £272,226 in October, up from £271,995 a month earlier.
Nationwide chief economist Robert Gardner said: "The housing market has remained broadly stable in recent months, with house prices rising at a modest pace and the number of mortgages approved for house purchase maintained at similar levels to those prevailing before the pandemic struck.
"Against a backdrop of subdued consumer confidence and signs of weakening in the labour market, this performance indicates resilience, especially since mortgage rates are more than double the level they were before Covid struck and house prices are close to all-time highs.
"Looking forward, housing affordability is likely to improve modestly if income growth continues to outpace house price growth as we expect. Borrowing costs are also likely to moderate a little further if Bank Rate is lowered again in the coming quarters.
"This should support buyer demand, especially since household balance sheets are strong - indeed, in aggregate the ratio of household debt to disposable income is at its lowest for two decades."
Foxtons chief executive Guy Gittins said: "The latest Nationwide figures suggest that the housing market momentum has remained steady, with further upward price growth on both a monthly and annual basis reflecting cautious confidence within the market.
"With inflation holding firm at 3.8% for the third consecutive month, the prospect of a base rate cut before Christmas remains on the table. This will only help to boost current market sentiment, so any ‘wait-and-see’ approach adopted by buyers ahead of the upcoming Autumn Budget is likely to be short lived.
"As the year closes out, we expect market activity to strengthen in line with traditional seasonal trends, as motivated buyers and sellers push to complete before year-end or start 2026 on a positive footing."
