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Average house now £189,000 as prices hit all-time high

House prices hit an all-time high this month as the price of the average property reached £189,333, according to Nationwide Building Society.

Values were up 9% compared to the same time in 2013, although a slowdown in the year-on-year price growth means the market may be cooling.

Year-on-year house price growth had consistently been in double digits over the summer as house prices hit a string of new all-time highs

Sales were lower in September than at the start of the year, according to Nationwide. Credit: Chris Ison/PA Wire

The more modest year-on-year growth in October led Nationwide's chief economist, Robert Gardner, to say the market appears to have "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," he added.