House price growth took another step backwards in the month of October, according to the latest figures to become public. House prices slid 1.6% in the month following the prior month in which they fell 2%, according to figures from Nationwide. The average cost of a UK home now sits at £214,534. This price is down from the price of £214,922 from the month of September. The forecast for the last twelve months places the latest figures slightly lower than the forecast for the period which was 2-3% overall.

House prices are currently struggling to remain in touch with the forecast due to a number of reasons, but the prevailing thought provided by housing experts is Brexit uncertainty. This uncertainty is creating a looming feeling of the unknown and affecting the number of transactions taking place within the market.

House prices are still expected to increase overall by 1% for the year 2018. Prices are expected by many to experience a pause for the year 2019, before bouncing back and becoming stronger by the end of 2019 and into the year 2020. Demand has been dampened by Brexit uncertainty and had an effect on prices as well.

Some experts believe the market is currently being propped up by a strong job market combined with historically low interest rates.

House price growth is expected to bounce back in the coming months, but not before the uncertainty caused by Brexit has passed. Although the slight decline in house price growth was expected, days following Brexit next year are welcome by many who see there are other parts of the market which are being affected as well.