After three consecutive months of growth, UK house prices saw a slight dip in September, according to the latest Halifax House Price Index. The average property price now stands at £298,184, down 0.3% (£794) from August.
Despite the modest decline, prices are still 0.3% higher than at the start of the year, showing a steady housing market.
The Landlord Insurance team here at Lansdown have summarised the changes and what they mean for property owners.
A steady market, despite slight slowdown
Amanda Bryden, Head of Mortgages at Halifax, commented “This slight monthly dip in house prices reflects a housing market that has remained broadly stable”.
Annual price growth eased to 1.3%, the slowest since April 2024, as affordability challenges continue to shape buyer behaviour. A combination of steady wage growth and a relatively lower mortgage rate environment has helped to maintain buyer confidence. Halifax expects modest growth through the remainder of the year.
Regional trends
Once again, Northern Ireland leads the way with the fastest annual growth at +6.5%, though average prices there (£216,496) remain well below the UK average.
Scotland saw prices rise +4.5% year-on-year to £215,588, while Wales recorded more moderate growth of +1.9% to £227,845.
In England, the North East posted the strongest annual growth at +4.8%, followed by the North West at +3.9%.
By contrast, London and the South East saw only slight increases (+0.6% and +0.2% respectively), while the South West experienced a small annual decline of -0.2%, with average prices now at £303,067.
Housing activity slows
Market activity has eased slightly, with HMRC figures showing a 1.7% drop in home sales in August compared to July. Mortgage approvals also slipped by 0.7%, according to the Bank of England, while the RICS survey for August pointed to softer sales and fewer new listings.
These trends suggest that buyers and sellers are taking a cautious approach amid ongoing economic uncertainty, though affordability conditions are gradually improving.
Overall, the latest Halifax data paints a picture of a housing market that’s cooling slightly but remains resilient. With prices still higher than at the start of the year and regional variations continuing, homeowners and buyers alike are adapting to a more stable, balanced market.
This article is for informational purposes only and should not be considered legal advice.
About Lansdown Insurance Brokers
Lansdown Insurance Brokers are specialists in Landlord Insurance and Block of Flats Insurance. We can provide flexible policies to suit your needs. Whether you’re a landlord, letting agent, or property owner, call the team on 01242 524498 or email enquiries@lansdowninsurance.com.
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