The analysis this month also shows that in August, the average sale price of a home in England and Wales was just over £356,000 – nearly £1,800 or 0.5% lower than the July average.

The England & Wales data, which includes cash purchases, illustrate that while the base rate cut in August was welcome, it has not transformed the picture for those wanting to move home.

As e.surv director Richard Sexton points out, affordability remains an issue for many potential buyers still adjusting to mortgage rates now based on expectations of slower Bank of England interest rate cuts.

“When the market sees another cut in due course we should expect that to feed into buyer confidence and increase the downward pressure on mortgage rates and, as importantly, ease lenders’ mortgage stress tests.”

He added: The government’s commitment to new housing is welcome but the supply of stock remains tight and this will be the case fo