UK average house prices increased by 0.7% to £233,000 over the year to October which is the lowest growth since September 2012 according to the latest ONS House Price Index.
Average house prices increased in all UK regions, with Wales and Northern Ireland seeing the highest levels of growth at 3.3% and 4% respectively.
Northern Ireland remains the cheapest UK country in which to purchase a property, with the average house price at £140,000,
The annual increase in England was driven by Yorkshire and The Humber (3.2%) and the lowest annual growth rate was in London (-1.6%).
Jonathan Samuels, chief executive of Octane Capital, said: “Prices may have risen at the lowest annual rate for seven years in October but the General Election result means people are now looking forward rather than back.
“This latest insight into the state of the property market would normally have caused a degree of consternation, especially in the capital, but we are now in a different place altogether.
“The property market has been stagnant since the EU Referendum but last week’s General Election result should inject a whole new energy into transactions during 2020 and beyond.
“We may even see London drag itself from the bottom of the house price table, as question marks surrounding the capital are replaced by confidence.
“What’s important is that values don’t suddenly get ahead of themselves.
“We may now have clarity on Brexit but it still has the potential to produce a Black Swan.”
John Goodall, chief executive and co-founder of Landbay, added: “Though another set of poor growth figures is disappointing and a seven year low is certainly cause for concern, now is the time to look to the future.
“Boris Johnson’s election victory should pave the way for a stronger UK economy, and thus a healthier housing market, as we break away from political ambiguity.
“The ‘Boris bounce’ is expected to put an end to the recent stalemate in the property market, offering confidence to buyers and sellers alike to make a move.
“Demand has been humbled by instability, so 2020 should bring an early ‘spring bounce’ as those who have sat on their hands are spurred into action.”
Dilpreet Bhagrath, mortgage expert at Trussle, said: “These figures may signal the end of the general slowdown in UK house price growth.
“Last week’s emphatic election result means we’re likely to see more clarity over Brexit which, in turn, should help ease the economic uncertainty that has engulfed the UK housing market.
“It’s possible that would-be buyers who’ve been holding off from making their move could act soon now that they feel a sense of stability in the market.
“However, the reality is that the Johnson Government needs to do more for first-time buyers.
“The Help to Buy ISA, which helped more than 225,000 aspiring homeowners since 2013, has come to an end while the Help to Buy equity scheme is due to end in 2023.
“Prices are rising and many first-time buyers need a boost to help get onto the property ladder.”