Commentators point to pre-budget hesitancy
Annual house price growth slowed in September, according to the latest Halifax House Price Index.
The index shows prices grew by 1.3% compared to the same month a year earlier. This is down from 5% a year ago and is the slowest rate of annual growth since April 2024.
The index also showed prices in September fell by 0.3% compared to August.
Northern Ireland (which saw growth of 6.5% over the past 12 months), Scotland (4.5%) and North west (3.9%) posted the highest annual growth. The South West posted a fall of 0.2%, while the South East and London posted small increases of 0.2% and 0.6% respectively.
Matthew Thompson, head of sales at estate agents Chestertons, said: “September has been a challenging month as many buyers paused their decisions ahead of the November Budget. “Uncertainty over potential tax changes is holding back activity but if the announcements bring clarity, confidence could return quickly and create an unusually busy end to the year.”
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Jonathan Hopper, chief executive of Garrington Property Finders, said: “The weakness of the economy and anxiety about next month’s budget are contributing factors, but the primary drivers of the market’s soft landing are the immutable laws of supply and demand.
“In many parts of the country the number of homes for sale far outstrips the number of serious buyers.”
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