House prices hit an all-time high this month, but the pace of growth has been slowing for two months in a row, according to Nationwide.
The building society's House Price Index revealed that the UK average house price rose to £189,333, up from £188,374 in September.
This was a rise of 0.5% month-on-month and means that since October last year, house values have increased by 9%. (See MSE's Free house valuations guide to research property values).
However, Nationwide said that the housing market does appear to be slowing down, with a sharp drop in mortgage approvals.
Robert Gardner, Nationwide's chief economist, says: "A variety of indicators suggest that the market has lost momentum. The number of mortgages approved for house purchase in September was almost 20% below the level prevailing at the start of the year.
"However, broader economic indicators remain positive. The labour market has continued to improve, with the unemployment rate falling to 6% in the three months to August and mortgage rates have fallen back towards all-time lows.
"If the economy and the labour market remain in good shape, activity is likely to pick up in the quarters ahead providing mortgage rates do not rise sharply."
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Typical UK house prices passed their 2007 peak in May this year and between then and August they set new records before falling back 0.1% in September and then climbing to a new peak this month.
In June, the Bank of England revealed plans to curb riskier mortgage lending by announcing that loans of 4.5 times a borrower's income or higher should account for no more than 15% of new mortgages issued by lenders (see the Risky mortgage clampdown MSE News story).
It also said lenders should apply a new "stress test" to make sure borrowers can keep up their repayments even if interest rates rise by 3% over the first five years of the loan.
Additional reporting by Paloma Kubiak