Average house prices across England and Wales remained stable in September at £355,100, according to the latest e.surv Acadata House Price Index.
The figure was unchanged from August, marking the second consecutive month of price stability after six months of decline. However, values remain 3.0% below the same period last year.
After a period of market adjustment following April’s stamp duty reforms, sales activity in July and August returned to more typical seasonal levels, suggesting the market is beginning to stabilise.
e.surv said confidence remains subdued as households and investors await further clarity from the upcoming November Budget before making new commitments.
Rob Owens, head of research at e.surv, said: “Market sentiment continues to be weighed down by economic uncertainty, concerns over employment, and speculation around potential tax changes in the upcoming November Budget.
“With downsizers and landlords adding supply to the market, and refinancing pressures mounting for borrowers, price growth remains constrained.”
Regionally, price movements were mixed. London was the only region to record an annual gain, with prices up 0.5% year-on-year.
The South East experienced the sharpest fall at -4.8%, followed by the East of England at -3.1%. More modest annual declines were recorded in the North East (-1.6%), Wales (-1.7%), and Yorkshire and the Humber (-2.5%).
Owens added: “Despite current challenges, structural undersupply and latent demand from aspiring homeowners suggest that any Budget measures aimed at stimulating housing could quickly shift momentum.”
The e.surv Acadata House Price Index is compiled from every residential property transaction in England and Wales, including both cash and mortgage purchases, offering a comprehensive view of housing market trends.
