UK house prices showed no growth in September, with both monthly and annual changes at 0%. The average UK house price stood at £298,441. Experts suggest that despite higher mortgage rates due to changing expectations about interest rates from the Bank of England, property prices have remained resilient so far. However, concerns over cost-of-living pressures, affordability issues, and geopolitical uncertainties are causing hesitation among buyers, leading to a stall in house price growth.
Written locally by qwen2.5:14b on 2026-10-07,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
In September 2023, UK house prices flatlined with 0% monthly and annual growth according to an index by Lloyds. The average house price remained at £298,441, unchanged from both August and the previous year despite forecasts predicting slight increases. Andrew Asaam, mortgages director at Lloyds, noted that property prices have shown resilience amid higher mortgage rates driven by expectations of future Bank of England base rate hikes. However, he warned that continued price stability hinges on consumer confidence regarding temporary cost-of-living pressures. Financial information website Moneyfacts reported the average five-year fixed homeowner mortgage rate reached 6% for the first time in three years, reflecting increased costs and subdued market conditions due to global economic pressures and uncertainty around energy prices influenced by conflicts in the Middle East.
Written for “UK Property Market Stagnation” on 2026-10-07,
grounded in this article and the 2 other(s) covering the same event.
UK house prices stalled in September, with 0% growth on both a monthly and an annual basis, according to an index.
uncertain
prices → stall → index
It also recorded a 0.0% change compared with September last year, following a 0.4% annual dip in August.
asserted
It → record → August
Andrew Asaam, mortgages director at Lloyds, said: “While the market overall has been fairly subdued, property prices have so far proved resilient during a period of higher mortgage rates, which has been driven by changing expectations around the future path of (the Bank of England) base rate.
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which → say → rate
“Whether that picture continues is likely to depend on how confident consumers feel that the latest cost‑of‑living pressures will prove temporary.
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pressures → continue → ?
“For now, the housing market appears to be balancing buyer caution with continued underlying demand.”
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market → appear → demand
On Monday, the average five-year fixed homeowner mortgage rate on the market reached the 6% mark for the first time in three years, according to financial information website Moneyfacts.
Ian Futcher, a financial planner at wealth manager Quilter said: “Lloyds’ latest house price index shows UK property prices flatlined in September, leaving annual growth flat at 0.0% and the average home valued at £298,441.
“
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prices → fix → 298,441
The market is facing gathering dark clouds on several fronts, with affordability, confidence and borrowing costs all coming under pressure, which is in turn causing house prices to stall.
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prices → face → turn
Read More
“When purchasing a home is one of the biggest financial decisions a person will ever make, uncertainty alone can be enough to delay a move by weeks or even months.
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uncertainty → read → weeks
“The ongoing conflict involving Iran continues to cast a long shadow over the economic outlook.
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conflict → involve → outlook
“Concerns that elevated energy prices and broader geopolitical uncertainty could keep inflation higher for longer have filtered through to financial markets, raising questions about the path of future interest rates and leaving households facing a more uncertain economic backdrop.
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prices → keep → backdrop
“These concerns are already feeding through to the mortgage market.
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concerns → feed → market
Borrowers who only a few months ago were becoming more optimistic about the prospect of cheaper borrowing are now seeing that outlook shift significantly.”
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outlook → become → borrowing
Nathan Emerson, chief executive at property professionals’ body Propertymark, said: “Against a backdrop of continued pressure across the global economy, it is perhaps unsurprising to see some fluctuation in domestic house prices.
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it → say → prices
“It is important to remember that, over a prolonged period, house price growth is rarely a straightforward upward trend.”
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growth → remember → period
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “The high cost of fuel and rising energy bills, combined with uncertainty surrounding the upcoming Budget, as well as the prospect of higher mortgage payments, are all giving buyers reason to pause.”
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cost → say → reason
Amy Reynolds, head of sales at London-based estate agency Antony Roberts, said: “Buyers are still out there, but they’re being careful.”
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they → base → Roberts
Here are average house prices and the annual change, according to Lloyds (the regional annual change figures are based on the most recent three months of approved mortgage transaction data):
East Midlands, £243,949, minus 0.8%
Eastern England, £330,151, minus 1.6%
London, £531,548, minus 2.2%
North East, £184,546, 2.4%
North West, £248,932, 1.9%
Northern Ireland, £231,917, 7.4%
Scotland, £223,330, 3.4%
South East, £380,829, minus 2.1%
South West, £299,572, minus 1.4%
Wales, £231,287, 1.2%
West Midlands, £260,892, 0.8%
Yorkshire and the Humber, £215,211, minus 0.6%
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Midlands → accord → data
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