There was a surprise rise in UK home prices in October, despite the slowdown in the housing market in recent months, according to figures released by the Halifax.

The findings from a new survey conducted by the mortgage lender reveal that the average price of a residential property rose by 1.4% in October compared with an upwardly revised 0.3% increase in September.

In the three months to October, home prices were 5.2% higher compared with the corresponding period a year ago. Jonathan Hopper, managing director at Garrington Property Finders, said: “Reassured by rock bottom interest rates, a robust labour market and an economy that continues to grow, many buyers who sat on the fence in the run-up to the referendum have given up trying to second guess the Brexit saga - and are instead focusing on the market's strong fundamentals.

“Prices are being supported in several areas by a chronic shortage of supply, but it remains a buyer’s market – with sellers increasingly willing to trim prices. However the shift in the balance of power from seller to buyer has prompted pragmatism rather than panic among vendors – which has so far prevented wholesale price cutting.”