House prices were unchanged in September following a -0.3% fall in August, the latest Lloyds house price index reveals.
The average property price is now £298,441, compared to £298,395 in August.
The latest data also shows that prices were also unchanged annually compared with September last year.
It found that Northern Ireland continues to lead UK annual growth, at 7.4%.
Elsewhere, Scotland continues to post solid growth, with prices up 3.4% over the past year to an average of £223,330. Growth has also strengthened in Wales, rising to 1.2%, with the typical property now valued at £231,287.
Meanwhile, Greater London recorded the largest annual decline, down 2.2% year-on-year to £531,548, closely followed by the South East, down 2.1% to £380,829.
Prices also fell in Eastern England by 1.6% to £330,151.
The average UK first-time buyer property price was broadly unchanged in September at £236,779, up marginally from £236,568 in August.
However, this remains below the record high of £241,244 reached in February.
Lloyds mortgages director Andrew Asaam says: “While the market overall has been fairly subdued, property prices have so far proved resilient during a period of higher mortgage rates, which has been driven by changing expectations around the future path of base rate.”
“That’s mirrored in wider economic data, with household spending holding up better than many expected despite energy and other cost pressures arising from the Middle East conflict.”
“Whether that picture continues is likely to depend on how confident consumers feel that the latest cost of living pressures will prove temporary. Confidence has long been a key driver of housing market activity, and will play an important role in shaping demand over the remainder of this year and into 2027.”
Also commenting on the Lloyds HPI figures, SPF Private Clients chief executive of mortgages Mark Harris says: “House price growth continues to slow as economic uncertainty caused by the conflict in the Middle East continues. The high cost of fuel and rising energy bills, combined with uncertainty surrounding the upcoming Budget, as well as the prospect of higher mortgage payments, are all giving buyers reason to pause.”
OnTheMarket president Jason Tebb comments: “With house prices unchanged in September, there is an element of caution combined with continued underlying demand as focused buyers and sellers returned from holiday keen to proceed with their moves before the end of the year.”
Tebb adds: “All eyes will be on the budget later this month to see what the new Prime Minister and Chancellor have planned. We already know that there will be assistance for first-time buyers buying new-build homes and hope that on balance the budget provides some much-needed impetus for the housing market, as well as the wider economy.”
