Property News
House Prices Flat at £298,441: What Sellers Should Do Now
The Lloyds index shows zero growth in September, but Northern Ireland is up 7.4% while London is down 2.2%, so your postcode matters more than the headline.
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UK house prices stood still in September. The Lloyds House Price Index (the former Halifax index) shows a monthly change of 0.0% and an annual change of 0.0%, leaving the typical UK home at £298,441. For a seller that is neither a warning siren nor a green light: it means the market is holding its ground, but only just, and where your house sits on the map matters far more than the national headline.
- Lloyds says the average UK price was £298,441 in September, with 0.0% growth on the month and on the year, after a 0.3% fall in August.
- The nations are pulling apart: Northern Ireland is up 7.4% on the year, Greater London is down 2.2%.
- New buyer enquiries are at their highest since February, according to Lloyds, but mortgage approvals remain well below last year.
- Homes for sale are about 5% higher than a year ago, according to Fine & Country, so you are competing for attention.
- The practical lesson: price to the evidence in your postcode, not to a national average that describes almost nobody's street.
What did the Lloyds house price index actually say for September 2026?
Let's start with the numbers, because they are unusually tidy. The index published this week by Lloyds Bank puts the average UK property price at £298,441. Prices were unchanged from August. They are unchanged from September last year. Over the last three months they are down 0.2%.
One housekeeping point, because you may have searched for the Halifax index and wondered where it went. Lloyds renamed it in July 2026. According to the bank, the methodology has not changed, so you can compare it with the old Halifax series without worrying.
- £298,441average UK price, September 2026
- 0.0%change on the month
- 0.0%change on the year
- -0.2%change over three months
August, remember, was a 0.3% fall. So September is a pause after a dip rather than a recovery. Andrew Asaam, Mortgages Director at Lloyds, said property prices have "so far proved resilient during a period of higher mortgage rates", which he linked to shifting expectations for the Bank of England's base rate. He also said new enquiries from prospective buyers have reached their highest level since February, and that he expects any price movement to stay modest, with consumer confidence shaping demand through the rest of 2026 and into 2027.
That is a polite way of saying nobody knows where this goes next. Fair enough.
Is a flat month good news or bad news if you're selling?
It depends on what you were hoping for.
If you were braced for falls, a flat reading is a relief. Mortgage costs have been creeping up, and the sort of buyer who needs a loan has had every reason to wobble. Prices holding at all is a small victory. Iain McKenzie, CEO of The Guild of Property Professionals, called September's flat reading "a sign of a market that is holding its ground rather than losing momentum", and Jason Tebb, President of OnTheMarket, described the market as showing "remarkable resilience, despite higher mortgage costs".
If you were hoping for a rising market to bail out a stretched asking price, it is bad news. Flat means no tide lifting your boat. The money you make or lose on a sale this autumn comes almost entirely from your own pricing decisions, your presentation and your buyer's ability to complete. Not from the market doing you a favour.
My own view, for what it's worth: be wary of the word "resilient". It is the favourite word of an industry that has to say something cheerful every month. Resilient can mean strong. It can also mean "hasn't fallen yet". A price index measuring completed and mortgage-approved sales also lags what is happening in the viewing queue today. The more useful signal is the combination of flat prices, rising supply and approvals sitting well below last year, because that combination is what makes buyers pick and choose.
- Prices have not slid further after August's 0.3% dip.
- New buyer enquiries are at their highest since February, according to Lloyds.
- Several parts of the country are still rising on the year, led by Northern Ireland and the North East.
- A 3.75% base rate (as cited by Antony Roberts in Richmond) is a long way below the peaks of recent years.
- Zero annual growth nationally, and falls in London, the South East and the East of England.
- Mortgage approvals are well down on a year ago, according to the same agent commentary.
- Stock is around 5% higher than a year ago, per Fine & Country, so buyers have more choice.
- Higher mortgage rates are still squeezing what buyers can offer.
How different is the picture across the UK nations and regions?
This is the part of the story that deserves more attention than the headline. A national average of 0.0% is the result of some places rising at a decent clip and others sliding, and the spread is wide. According to the Lloyds data as reported by The Negotiator, here is how the annual changes look.
| Area | Annual change | Typical price |
|---|---|---|
| Northern Ireland | +7.4% (up from +6.8%) | £231,917 (record) |
| Scotland | +3.4% | £223,330 |
| North East | +2.4% | £184,546 |
| North West | +1.9% | £248,932 |
| Wales | +1.2% | £231,287 |
| West Midlands | +0.8% | £260,892 |
| East of England | -1.6% | £330,151 |
| South East | -2.1% | £380,829 |
| Greater London | -2.2% | £531,548 |
And as a picture, with the bar length showing the size of the move (the falls are the three at the bottom):
Two things jump out. First, the West Midlands is the only English region other than the North East and North West showing positive annual growth in this release, according to the figures as reported. Everywhere else in England south and east of it is flat to falling. Second, notice the pattern: the cheaper the typical home, the better it is doing. The North East, with the lowest typical price in the table at £184,546, is the strongest English region. London, with a typical price of £531,548, is the weakest.
That is not a coincidence. When mortgage rates are higher, the buyer's monthly payment on a £500,000 purchase hurts a lot more than on a £185,000 one. The affordability squeeze bites hardest where prices are highest. The regions that boomed hardest in the low-rate years are now giving a little back, and the places that were previously priced out of the party are finally catching up.
What does that mean if you live in London or the South East?
It means a seller there cannot lean on the market. A 2.2% annual fall on a £531,548 home is roughly £11,700 of value gone in twelve months, on the average figure. I am doing that sum myself from the published numbers, so treat it as illustrative rather than a Lloyds statistic. It is also an average, which means some streets are down further and some are up.
If you are in this camp, the sensible approach is to price at the level recent sold prices on your own road support, rather than the level you saw last spring. Our guide to how much your house is worth walks through how to get there without being led by flattering online estimates.
And if you are in Northern Ireland, Scotland or the North?
You are in a stronger position, but do not get carried away. Northern Ireland at +7.4% is an outlier, and the average value hit a record £231,917. Records are lovely but they also mean buyers are stretching, and the same mortgage maths applies to them. Scotland, at +3.4%, is solid. The North East and North West are rising on a lower base.
If your market is rising, the risk flips. Overpricing because the headlines feel good is the classic mistake, and it quietly costs you weeks.
Why are prices flat when mortgage rates have risen?
Because two forces are cancelling each other out, and neither is clearly winning.
On one side, mortgage rates are higher than many people had pencilled in. Our recent piece on the UK house price picture for 2026 followed the run of lender repricing, and the 5-year fixed average passing 6% in Moneyfacts data was one of the more eye-catching moments. That pushes down what buyers can borrow.
On the other side, the base rate itself is not terrible. Antony Roberts' Amy Reynolds pointed to a 3.75% base rate, and the Bank of England held at that level last month, with three Monetary Policy Committee members voting for a rise. Meanwhile there is simply a lot of people who still need to move: for a new baby, a job, a divorce, a downsize, a probate sale. Demand does not vanish. It gets pickier and slower.
Here is the interesting bit in Lloyds' own commentary. Mortgage rates, Asaam said, reflect "shifting expectations for the Bank of England's Base Rate". In other words, it is not the base rate that has hurt buyers recently, it is the market guessing what comes next. That is a worrying thing to depend on, because guesses can swing either way quickly. A soft inflation print or a calm Budget could pull swap rates down. A bad surprise could push them up. Sellers who plan around a particular rate path are building on sand.
What are the other experts saying?
The reaction to this release was a fairly typical spread, which is useful because the disagreement tells you something. I have kept to what each person was reported as saying by The Negotiator.
- Nathan Emerson, CEO of Propertymark, said some fluctuation in prices is unsurprising and that house price growth is rarely a steady upward line over long periods. He added that support for first-time buyers would be welcome ahead of the Autumn Budget.
- Amy Reynolds, Head of Sales at Antony Roberts in Richmond, said momentum has slowed as the final quarter begins, that mortgage approvals are well down on a year ago, and that prices are expected to be broadly flat for the rest of the year.
- Jeremy Leaf, a north London agent and former RICS residential chairman, said prices are holding firm and expects first-time buyers to be among the winners.
- Nicky Stevenson, MD of Fine & Country, said homes for sale are 5% higher than a year ago, giving buyers more negotiating power, and that "buyers are in the driving seat" for now.
Read those four together and a coherent picture emerges. Prices are steady. Volume is soft. Supply is up. Buyers have the upper hand on negotiation even though headline prices have not collapsed. That last point is the one I would underline: a market can look flat on an index and still feel brutal at the kitchen table, because the index records the price agreed after the haggling, and the haggling is where sellers are quietly conceding.
Is the stalling of prices the same as a "buyer's market"?
Close enough that you should plan as if it is.
Look at what we have covered on this site over the past few weeks. Nationwide reported annual growth halving to 0.8% for September. Rightmove's asking prices rose 0.7% in September. Bank of England figures showed mortgage approvals at a 32-month low. And a surge of new listings, 54,310 in a fortnight according to Estate Agent Today, made the supply side look healthy for buyers. Put those next to Lloyds showing zero growth and you have a consistent story from several different data providers, all measuring slightly different things and all saying the same: modest, cautious, slow.
| Source | What it showed |
|---|---|
| Lloyds (September) | 0.0% monthly and annual; £298,441 average |
| Nationwide (September) | Annual growth slowed to 0.8% |
| Rightmove (September) | Asking prices up 0.7% on the month |
| Bank of England (August data) | Mortgage approvals at a 32-month low |
| Fine & Country | Homes for sale about 5% higher than a year ago |
Is that a crash? No. Is it a market where you can price with your fingers crossed? Also no. The honest label is a balanced-to-buyer-leaning market, with large regional differences.
How does this affect how long your sale takes?
This is where flat prices hide the real cost. When prices are not moving, the damage shows up in time instead of in the sale price. We reported separately that many homes are selling below asking price and taking well over four months to complete, and conveyancer capacity has been under strain. Weak approvals mean fewer buyers able to proceed. Higher stock means your property sits in a longer queue.
Each extra month on the market has a real cost for most sellers: mortgage payments on the house you are leaving, council tax, utilities, and often a rent or second mortgage bill on the place you are buying. If your carrying cost is £1,500 a month (a number I am picking purely as an example), a three-month delay is £4,500, which is more than the 2.2% fall in London would be on many smaller flats. Time is a price.
And then there are chains. A sale that depends on four other households each getting a mortgage offer in a slow market is fragile. If yours falls over, our guides on breaking a house chain and on what to do when a chain collapses are worth bookmarking before you need them.
What should you do now if you're selling this autumn?
Here is what I would do in your shoes. It is not complicated, but most people skip at least two of these.
1. Price to sold evidence, not hope
Look at what has completed on your street and neighbouring streets over the past six months, not what is currently listed. Listings are wishes. Sold prices are facts. If the nearest comparable home sold for 3% less than you expected, believe the sale, not your hopes. If you want a structured way to do this, start with our house valuation guide.
2. Set the asking price where the search filters are
Portals sort and filter by round-number price bands. A property at £375,500 can fall out of a search capped at £375,000. This is a boring tip, but boring tips often work.
3. Get your paperwork ready before the first viewing
In a slow market, a buyer who is ready to proceed is worth more than one who offers an extra £3,000 and then drags. Have your ID, title information, any FENSA certificates, guarantees and a completed property information form ready. It shortens the path from offer to exchange.
4. Be realistic about agent fees
If your sale takes longer, the fee percentage matters less than whether the agent actually generates viewings. But do compare. Our estate agent fees guide sets out what is normal this year.
5. Have a plan B before you need one
If your property has been listed for eight weeks with few viewings, the answer is rarely to wait for the market. Either the price, the presentation or the buyer pool is wrong. Our piece on selling a house that won't sell is a good place to diagnose which.
When does a cash sale make sense in a flat market?
Not for everyone, and I will say that plainly. A cash buyer will normally offer less than the open-market price. How much less varies by company and property, and our guide to what percentage of market value cash buyers pay explains the typical range without the marketing gloss.
What you get in exchange is certainty and speed. No chain. No mortgage valuation that comes in low. No buyer who withdraws after six weeks. In a market where approvals are weak and the supply of homes is high, that certainty has real value for some people: the probate executor who needs the house sold, the landlord tired of a void, the homeowner facing a repossession date, the person who has already bought and needs to move.
If you are in none of those situations and your house is in good condition in a region that is rising, a traditional sale at a well-judged price will usually return more. If you are in one of them, cash house buyers and the fast sale route are worth pricing up alongside an estate agent rather than instead of one. Compare, then decide.
What could change the picture before the end of the year?
Three things to watch, and I will resist the urge to predict any of them.
The Autumn Budget. Nathan Emerson at Propertymark specifically raised first-time buyer support ahead of the Budget. Stamp duty, capital gains tax and any property-related tax changes have all been the subject of rumour in recent weeks. Rumours move behaviour even when nothing is announced: some people rush to sell, others freeze. Be careful of making a big decision based on a leak.
The next Bank of England decision. The September vote to hold at 3.75% had three members preferring a rise. That tells you the committee is not unanimous and the next move is not guaranteed to be down. Fixed mortgage pricing tends to move before the base rate does, which is why lenders have been repricing even without a change from the Bank.
Buyer enquiries turning into offers. Lloyds says enquiries are at their highest since February. That is encouraging, but enquiries are cheap. Offers and mortgage approvals are what pay for removal vans. If approvals begin to climb over the next two or three months, the flat reading could turn out to be the bottom. If not, expect more of the same.
So what is the outlook for house prices into 2027?
If I had to describe it in one sentence: flat to gently rising nationally, with the North and the nations outperforming and the South softer. Lloyds' Asaam expects any price movement to stay modest. Amy Reynolds at Antony Roberts expects prices to be broadly flat for the remainder of 2026. I find both views reasonable and neither is a forecast I would stake my savings on.
Forecasting house prices is a humbling business. What I would say with more confidence is this: the winners from here are sellers who are realistic, ready and flexible, and the losers are those who wait for a market that rescues them. The numbers this week do not point to a rescue. They point to a market that rewards preparation.
Frequently asked questions
What was the average UK house price in September 2026?
According to the Lloyds House Price Index, the average UK property price in September 2026 was £298,441, with 0.0% growth on the month and on the year.
Is the Lloyds House Price Index the same as the Halifax index?
Yes. Lloyds renamed the Halifax House Price Index in July 2026 and says the methodology is unchanged, so the figures are comparable with earlier Halifax releases.
Which parts of the UK have the strongest house price growth?
Northern Ireland, up 7.4% on the year to a record £231,917, followed by Scotland at 3.4% and the North East at 2.4%, according to the Lloyds data as reported by The Negotiator.
Where are house prices falling?
Greater London is down 2.2% annually, the South East down 2.1% and the East of England down 1.6%, according to the same figures.
Should I wait for house prices to rise before I sell?
Waiting is a gamble. Lloyds expects modest movement, and some agents expect prices to be broadly flat for the rest of 2026. Holding costs while you wait can outweigh a small price gain, so it is usually better to price realistically and sell when you are ready.
Is it a buyer's market right now?
Leaning that way. Homes for sale are about 5% higher than a year ago, according to Fine & Country, and mortgage approvals are well down on last year, so buyers have more choice and more negotiating power in many areas.
Will the Bank of England cut rates soon?
Nobody can say. The Bank held Bank Rate at 3.75% in September, with three members voting for a rise, so a cut is not a safe assumption.
When does selling to a cash buyer make sense?
When certainty and speed matter more than the last few percent of price, for example in probate, a broken chain or a tight deadline. Compare cash offers against an open-market sale before deciding.
The bottom line
A flat month is an invitation to stop guessing and start comparing. Know what homes near you have actually sold for, understand your own deadline, and look at more than one route to a sale. If you want to see what a cash buyer would pay for your home alongside a traditional sale, you can start a valuation in a couple of minutes, or compare your options side by side. No pressure, and no obligation to accept anything.
Source: Lloyds House Price Index, September 2026, as published by Lloyds Bank and reported by The Negotiator on 8 October 2026. Comparison figures from Nationwide, Rightmove, the Bank of England and Estate Agent Today are as covered in earlier Ready Steady Sell news articles.
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