The annual growth in UK house prices slowed by 0.2% in November, according to research by Nationwide .

In its recent house price index , the building society revealed property values grew by 4.4% when compared with November 2015, down on the 4.6% figure in October.

The average value has been recorded as £204,947 in the report, a fall on the £205,904 figure from October.

But after taking into account seasonal factors, prices grew on a month-on-month basis by 0.1%.

Nationwide chief economist Robert Gardner said: “There are some signs that, despite the uncertain economic outlook, demand conditions have strengthened a little in recent months, reflecting the impact of solid labour market conditions and historically low borrowing costs. Mortgage approvals increased in October, and surveyors report that new buyer enquiries have increased modestly.

“The relatively low number of homes on the market and modest rates of housing construction are likely to keep the demand/supply balance fairly tight in the quarters ahead, even if economic conditions weaken, as most forecasters expect.”

Fixed-rate mortgages remained the mot popular product, with date from the Council Of Mortgage Lenders suggesting 90% were contracted on a fixed rate in the last 12 months.

Emoov founder and CEO Russell Quirk believes the trend shows UK buyers taking a tentative first foot out of their “post-Brexit foxholes”.

“The UK property market has really taken a battering from a multitude of influences this year causing uncertainty in the sector,” he said.

“It has weathered the storm, with prices still maintaining their upward trend this late in the year, albeit slowing the pace.

“However, just like the current temperatures, the market will now see stock levels plummet as many choose to put their sale on hold over the festive season and resume their marketing in the New Year.

“We expect this might see a drop in prices at the last hurdle for 2016 in the December index, although this will be far from unusual and nothing to panic over.”

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