Average house prices edged up by 0.2% to £354,822 in October, but were 3.4% lower than a year ago, according to the latest e.surv index for England and Wales.

It was the first month-on-month increase for six months and cancelled out the previous month’s fall in prices.

Director Richard Sexton says that easing cost of living pressures, including this week’s Bank of England base rate cut, is beginning to help with affordability.

But he says: “It remains to be seen if more cuts are in the pipeline. 

“The markets suggest there will be more inflationary pressure ahead but for now, buyers should take advantage of the improved affordability – especially in light of the decision in the budget to return nil stamp duty thresholds back to their lower pre-September 2022 levels from April 2025.

“The Budget overall focussed on the long-term supply of housing and delivered nothing in terms of fiscal support for buyers in any market which is why interest rates will remain key over the coming months.”