Today’s house price index from the Office for National Statistics and the Land Registry reveals that prices in England increased 2.5% year on year to £309,000.

In Wales they edged up by just 0.4% to £217,000, while Scotland saw much steeper annual growth, with prices up 5.7% to £198,000.

In Northern Ireland, where the data is available on a quarterly basis rather than monthly, average prices were up by 6.2% in the three months to September compared to the same period a year earlier.

Meanwhile in London, prices were down by 0.5% year on year and by 0.8% month on month to £526,000 in September.

The North East was the English region with the sharpest annual growth, as prices rose by 6.5% to £171,000.

Richmond estate agency Antony Roberts’ head of sales Amy Reynolds says: “With house prices holding fairly steady and sellers more realistic about pricing, it could be the nudge buyers need to act. In saying that, mortgage rates remain high and that will impact buyers’ decisions, perhaps deciding to wait until they come down again.

“However, first-time buyers don’t have the luxury of delaying a move as they could potentially save thousands of pounds in stamp duty if they transact before 31 March.

“As we head towards the end of the year, we expect lower transaction levels due to affordability pressures and buyers taking longer to commit.

“The exodus of landlords, driven by tax and regulatory changes, has dampened activity in the buy-to-let sector, impacting overall market turnover.

“In areas where stock is limited, markets will have remained steady, particularly the family home market with work-from-home potential.”

North London estate agent and former Royal Institution of Chartered Surveyors residential chairman Jeremy Leaf says: “At first glance, these figures show the housing market to be demonstrating continuing resilience.

“However, while this is the most comprehensive of all the price surveys as it includes cash and mortgaged transactions, it reflects buyer and seller decision-making from a few months ago at least.

“On the ground since, we have had to contend with worries about the Budget and then its fallout.

“The result has been more caution and heavier negotiation over available properties, despite the recent drop in mortgage rates.

“Worries remain about the pace of further falls in rates and increases in inflation as buyers want to ensure they have a sufficient buffer against potentially rising costs.”

Quilter financial planner Holly Tomlinson says: “The slight dip [month on month] reflects the usual seasonal slowdown, but also hints at growing caution among buyers and sellers amid ongoing economic and policy uncertainty.”

Affordability pressures and recent budget announcements are weighing on sentiment, she says.

Tomlinson adds: “Higher stamp duty for second-home buyers and landlords aims to ease competition for first-time buyers, but it risks exacerbating rental supply shortages, particularly in urban areas.

“These changes, coupled with looming reductions in the first-time buyer stamp duty threshold from March 2025, could drive a rush of activity in the coming months as buyers try to beat the deadline.”