Property prices up 1.8 per cent in October

House prices in the UK rose by 1.8 per cent in October compared with the previous month, the Halifax said.

The average home cost £164,919, according to the survey.

"An increase in the number of properties available for sale in recent months, together with a decline in demand, has put some downward pressure on prices in recent months," said Halifax housing economist Martin Ellis.

"We do not believe that prices are set to fall sharply over a sustained period."