The building society reports that month-on-month, average house prices increased by 0.3% to £272,998.

Nationwide chief economist Robert Gardner says: “The housing market has remained fairly stable in recent months, with house prices rising at a modest pace and the number of mortgages approved for house purchase maintained at similar levels to those prevailing before the pandemic.”

“Against a backdrop of subdued consumer confidence and signs of weakening in the labour market, this performance indicates resilience, especially since mortgage rates are more than double the level they were before Covid struck and house prices are close to all-time highs.”

“The changes to property taxes announced in the Budget are unlikely to have a significant impact on the housing market. The high value council tax surcharge, which is not being introduced until April 2028, will apply to less than 1% of properties in England and around 3% in London.”

Elsewhere, Quilter mortgage expert Karen Noye says the latest HPI reflects a market “that has been treading water”.

Noye explains: “Most of November was dominated by budget rumours and many buyers simply waited to see what the Chancellor would do. The confirmation of a mansion tax will matter most to the top end, but the speculation alone about what might have appeared in the budget had already stalled decisions.”

“With the budget out of the way, the focus now shifts back to interest rates. Inflation is easing and markets think a December rate cut is a possibility.”

“Even if the Bank of England holds off until the new year, expectations of lower rates have already fed into swaps and lenders have started to trim fixed-rate mortgages.”

Meanwhile, Garrington Property Finders chief executive Jonathan Hopper adds: “Nationwide’s data doesn’t yet reflect the uncorking of demand seen since the Budget.”

“Over the past week, parts of the market have been enjoying an Indian summer – a flicker of warmth and a rapid thaw following months of slowing transaction numbers and flatlining or falling prices.”

“But so far we’re in reset territory rather than a full-on relief rally. Prospective buyers who paused their plans amid the swirl of pre-Budget leaks and rumours have emerged from hiding to find a market blessed with abundant stock and many sellers competing hard on price.”

“Above all there is a palpable sense of relief that the most punitive tax rises that the Chancellor was reportedly considering were left out of last week’s Budget.”