Annual house price growth ticked up to 2.2% in September 2025, from 2.1% the month before, Nationwide’s House Price Index shows.
This hides significant regional differences, as prices have risen by 9.6% in Northern Ireland, 5.1% in the North and 3.8% in Yorkshire & The Humber.
At the other end of the spectrum, they’ve risen by just 0.3% in outer South East, 0.6% in London, and 0.9% in the South West.
Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “As our supply of listings start to slow a little in response to worries about the Chancellor’s Budget intentions for property taxes so the pressure on prices has eased.
“As a result, with some values softening, still-motivated buyers are seeking to second-guess possible increased costs.
“Looking forward, low unemployment as well as earnings still rising faster than inflation and house prices overall means we can look forward to a relatively-strong bounce back once the uncertainty is over.”
The Autumn Budget will take place on 26 November.
Iain McKenzie, chief executive of The Guild of Property Professionals, said: “Looking ahead, sentiment will hinge on the interplay between inflation, monetary policy, and potential housing tax reforms in the Autumn Budget.
“While the base rate cut in August provided some relief, persistently high inflation clouds the outlook for further reductions.
“Equally, speculation around new property taxes is creating some uncertainty in the market. For now, pragmatism is driving progress, and those who adapt quickest will move quickest.”
