In September, the average sale price of a home in England and Wales was down marginally at £354,000 – about £200 or 0.1% lower than in August – e.surv’s latest House Price Index has revealed.
Average prices nudged lower since March. Although the monthly changes are for the most part relatively small, they have undermined the gradually improving year-on-year picture seen earlier.
On an annual basis, average prices in September were about 3.3% lower than a year ago.
For England and Wales as a whole, prices are about £25,000, nearly 7%, below the previous peak reached in October 2022.
Richard Sexton, director at e.surv, said: “Our data this month reveals a mixed picture for the market in September with the average sale price of a home in England and Wales down marginally at £354,000 – about £200 or 0.1% lower than in August.
“The continued negative monthly changes since March, though small, have undermined the gradually improving year-on-year picture seen earlier with the effect that, on an annual basis, average prices in September are about 3.3% lower than a year ago.
“The negligible small reduction in prices reflects the mixed news for housing in the broader economy.
“While the cost-of-living pressures have eased for many households and falls in mortgage rates have helped affordability, the falls in interest rates predicted at the beginning of the year have not really materialised.
“The General Election, Euros and Olympics, all contributed to flat growth in the broader economy and likely took its toll on the housing market.
“On the horizon is the Budget and while there is little expectation of help for buyers, there is a clear expectation from Government announcements to date of tax rises that will impact them.
“This is likely to be especially true for vital first-time buyers who are often supported by the Bank of Mum and Dad.”
