The average annual rate of price growth weakened to reach 0.9% in August, from 1.2% in July, driven by slowing annual rates in six out of nine English regions.
asserted
rate → weaken → regions
Average house prices increased to reach £294,000 (0.4% annual growth) in England, £216,000 (3.1%) in Wales, and £198,000 (2.9%) in Scotland.
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prices → increase → Scotland
The average house price for Northern Ireland was £202,000 in the second quarter of this year, increasing by 9.2% annually.
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price → increase → %
Flats account for half of all property sales in London compared with around a fifth across Britain, the ONS said.
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ONS → account → Britain
The ONS also said that the average monthly private rent in the UK was £1,406 in September 2026.
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rent → say → September
Figures released by the ONS on Wednesday also showed that Consumer Prices Index (CPI) inflation was 3.5% in September, up from 3.1% in August.
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inflation → release → August
This was the highest since 3.6% recorded in October last year, and above a rate of 3.4% expected by some economists.
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This → record → economists
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He added: “Those coming to the end of a current fixed (mortgage) deal will not only face higher rates but also a more volatile market where deals can come and go quickly.”
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deals → read → rates
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “Borrowers should prepare for higher mortgage costs.
“
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Borrowers → say → costs
Although the Bank of England held base rate at its last meeting, volatile swap rates, which underpin mortgage pricing, have resulted in mixed pricing movements by lenders with some trimming rates while others increase pricing.”
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others → hold → pricing
Karen Noye, a mortgage expert at wealth manager Quilter, said: “As we move towards winter, the picture facing prospective buyers is darkening.
“Today’s inflation figures will do little to improve the mood.
“CPI inflation jumped from 3.1% to 3.5% in September, with core inflation and services inflation also moving higher.
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inflation → say → September
“That makes meaningful interest rate cuts harder to envisage and increases the risk of mortgage costs remaining higher for longer.
“Affordability is already stretched for many buyers and uncertainty over where mortgage rates go next is adding another reason to hesitate.”
She added: “There are some potential silver linings.
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She → make → reason
“The Budget should give us greater clarity on the Government’s plans to help first-time buyers, including further detail around the proposed first-time buyer Isa and the first homes scheme.
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Budget → give → Isa
“If those measures genuinely improve affordability and help more people make the first step onto the property ladder, the benefits could travel further up the chain as existing owners are put in a stronger position to move.”
uncertain
owners → improve → position
Nick Leeming, chairman of estate agency Jackson-Stops, said: “The Budget must support a housing market that works at every stage of people’s lives.”
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that → say → lives
Nicky Stevenson, managing director of Fine & Country, said: “We may see some continued restraint in the short term, but this is a market that rewards realistic expectations rather than one that has ground to a halt.
“Sellers who price competitively from day one and buyers who are financially prepared can still find opportunities, even in a more demanding market.”
uncertain
who → say → market
Tom Bill, head of UK residential research at Knight Frank, said: “The outlook for the UK housing market hinges uncomfortably on an overseas geopolitical risk, but downward pressure on prices could reverse quickly if the unpredictable Middle East conflict de-escalates or ends.
“
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conflict → say → prices
As affordability constraints bite, it is no surprise to see the biggest price impact in London.”
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it → bite → London
Richard Donnell, executive director of research at Zoopla, said: “Homes that sell are doing so almost as quickly as last year, but buyers are becoming more selective, particularly when homes are are not well presented or priced unrealistically for what buyers are willing to pay.
“There are serious buyers in the market but it’s essential to speak to an agent to understand how to reach them.”
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it → say → them
The Aporia
