Average house prices in England and Wales remained unchanged in August, ending six consecutive monthly falls, according to the latest e.surv Acadata House Price Index.
The average price stood at £352,930 – flat on July but 2.8% lower than a year earlier, marking the weakest annual performance since late 2021.
Market activity
The recent slowdown has been shaped by an increase in vendor listings, which pushed supply higher over the summer. However, HMRC data shows activity is beginning to stabilise. More than 94,000 transactions were completed in July, broadly in line with the 12-month average, suggesting the market is adjusting after earlier distortions caused by stamp duty changes.
Rob Owens, head of research at e.surv, said: “Stable mortgage rates have supported demand, but uncertainty around future rate cuts and potential property tax reforms, particularly those affecting higher-value homes, ahead of the autumn budget, may temper market sentiment.”
Regional trends
Southern England continues to drive overall weakness. The South East recorded the sharpest annual fall at -3.9%, while London declined by -2.1%.
The North East was the only region to post slight annual growth at +0.1%, although e.surv cautions this may prove short-lived. Wales, down -1.9% year-on-year, is expected to outperform England in the near term thanks to more stable demand.
