House price growth remained flat between September and October, ending 15 months of monthly growth, according to Nationwide.

The lender’s latest House Price Index put average price growth for October at 4.6%, down from 5.3% in September, to £205,904.

Robert Gardner, Nationwide’s chief economist, said it is still in line with the growth rates prevailing since early 2015.

Annual house price inflation was at 3.9% in October 2015.

Gardner said: “After 15 successive monthly increases, UK house prices were unchanged in October (after taking account of seasonal factors).

“Measures of housing market activity remain fairly subdued, with the number of residential property transactions circa 10% below the levels recorded in the same period of 2015 in recent months.

“However, this weakness may still in part reflect the after-effects of the introduction of stamp duty on second homes introduced in April, where buyers brought forward transactions to avoid additional stamp duty liabilities. Policy changes impacting the buy-to-let market may also be playing a role in dampening activity.”

Jonathan Hopper, managing director of Garrington Property Finders, said buyers now hold the upper hand.

He said: “Prices in the immediate aftermath of the referendum were flattered by an injection of pent-up demand as buyers who had sat on the fence in the run-up to the referendum finally got off it.

“But with the impact of that temporary prop now fading, the buyers who remain frequently hold the whip hand – with many feeling empowered to ask for a substantial discount in return for the certainty of a sale.

“Yet pragmatism rather than panic prevails among sellers, which has so far prevented wholesale price cutting.

“Prices are also being supported by a chronic shortage of supply in many areas, but the shift in the balance of power from seller to buyer is palpable.

“Reassured by rock bottom interest rates, a robust labour market and an economy that continues to grow steadfastly, intent remains strong among domestic buyers.”