Annual house price growth is now at its slowest level for more than five years, Nationwide claims.

The Nationwide House Price Index for October put annual price growth at 1.6%, the slowest rate since May 2013 and down from 2% in September.

Average prices are now at £214,534, which Nationwide said was flat on a seasonally adjusted monthly basis but is actually down 0.18% without seasonal adjustments.

Robert Gardner, chief economist for Nationwide, said housing market activity was particularly subdued among home movers and buy-to-let investors, but the building society is still expecting house prices to rise by around 1% this year.

News of the slow rate of growth produced a temporary break from the silence of Emoov founder Russell Quirk, clearly determined to keep going in the PR stakes amid rumours that the online agent is up for sale.

Quirk said: “The slowest rate of price growth in more than five years is to be expected given the mix of seasonality and wider market instability.

“While many were hoping the market may catch a second wind heading towards Christmas, this has failed to materialise, and a predictably disappointing Budget where housing is concerned will ensure this air of lethargy remains prevalent over the coming months.

“Although the market will end 2018 with a limp, not a sprint, it should still match industry predictions where annual performance is concerned.”