Nationwide Building Society figures indicated that house prices rose by just 0.5% month-on-month in October, a decrease of 0.1% over the preceding month.

The average house price currently stands at £189,333.

Commenting, Robert Gardner, Nationwide’s chief economist, said: “A variety of indicators suggest that the market has lost momentum. The number of mortgages approved for house purchase in September was almost 20% below the level prevailing at the start of the year.”

The latest Bank of England lending data showed the number of mortgage approvals for September were at their lowest level since July 2013.

“Some forward looking indicators, such as new buyer enquiries, suggest that activity may soften further in the near term, especially in London,” said Gardner.

However, he noted that broader economic indicators remain positive.

“If the economy and the labour market remain in good shape, activity is likely to pick up in the quarters ahead providing mortgage rates do not rise sharply,” he said.