House Price Index Sept 2025
Speculation about potential tax changes is starting to dampen market activity, with buyer demand, new listings, and transactions all down this month. Demand and listings for homes priced over £500,000 have fallen notably compared to last year, as buyers pause ahead of the Autumn Budget — a third of current listings fall into this price bracket. UK house price growth continues to slow overall, with a clear north-south divide: stronger growth is concentrated in more affordable regions.
What’s happening nationally
House prices are up on average +0.3% over the past month while the rate of annual house price growth slows to 2.2%.
House prices have nudged up over the past month +0.3% on average across the indices. Land Registry reporting August figures is +0.8%, Nationwide +0.5% in September, Halifax -0.3% in September and Rightmove reporting September asking prices is up +0.4%.
Annual house price growth is positive but the rate of growth across the indices has slowed from 2.4% last month to 2.2%. The indices report the following shifts in annual house price growth over the past month: Land Registry (3% vs 2.8%), Nationwide (2.2% vs 2.1%), Halifax (1.3% vs 2.2%) and Rightmove (-0.1% vs 0.3%).
Note that there has been a change of methodology in the calculation of the Land Registry house price index. From February 2025 reporting, January 2023 became the new reference period for inflation rates. Land Registry has been re-referenced because the types of property being sold can change over time.
Indices based on:
Land Registry – registered property transactions in August.
Nationwide & Halifax – mortgage valuations in September.
Rightmove – asking prices posted on Rightmove in September.
*Rightmove is not included in the index average as the basis for its index is different (asking price vs agreed sale price)
| Index reports: | Monthly change | Annual change |
|---|---|---|
| Land registry | +0.8% | +3.0% |
| Nationwide | +0.5% | +2.2% |
| Halifax | -0.3% | +1.3% |
| Rightmove | +0.4% | -0.1% |
| Average change | +0.3% | +2.2% |
House prices in your area
Regional house prices
UK annual house price inflation tends to be weakest in the most expensive areas of the country – London (-0.3%) and the South East (+1.8%). House price inflation is higher in regions in the North of England – North East (+6.6%), North West (+4.5%), Northern Ireland (+5.5%) and Scotland (+4.0%).
Most expensive/ cheapest areas
In terms of average house price, the most expensive regions in the UK are London (£565K), the South East (£388K), the East of England (£343K) and the South West (£310K). The cheapest regions are the North East of England (£164K), Northern Ireland (£185K), Scotland (£194K) and Yorkshire & Humber (£207K).
In terms of cities, the most affordable are: Aberdeen (£136K), Glasgow (£158K), Newcastle (£161K) and Sheffield (£177K). And, the most expensive cities in the UK are: London (£536K), Cambridge (£468K), Oxford (£453K), Bristol (£343K) and Bournemouth (£324K).
Prices by property type
House prices shifted in the last year for detached (+3.3%), semi-detached (+4.9%), terraced (+3.1%) properties and for flats/ maisonettes (-0.2%).
| UK Region | Average price £ | Monthly change | Annual change |
|---|---|---|---|
| England | |||
| Nothern Ireland | |||
| Scotland | |||
| Wales | |||
| North West | |||
| Yorkshire and The Humber | |||
| North East | |||
| West Midlands | |||
| East Midlands | |||
| South West | |||
| East of England | |||
| South East | |||
| London |
| UK City | Average price | Annual change |
|---|---|---|
Market Monitor
August transactions of 93.6K were down -1.7% on July (95.2K) and up +1.7% on transactions last August (92K).
Budget uncertainty starting to impact market activity
RICS reports a fall in both buyer demand and new seller instructions in September. Rightmove says this figure is down -5% this September versus last. Zoopla says property tax speculation has hit demand and new listings for homes above £500,00 — one in three homes currently on the market for sale is priced above £500,000. For properties priced at £1m+, demand has fallen 11% and new listings 9% compared to the same period last year, while for properties above £500,000 demand is down 4% and new listings are down 7%. London and the South East are the markets most affected. Buyer demand and new housing supply across lower price points is in line with last year.
The average time to secure a buyer in August is 63 days according to Rightmove up from 62 days in July and slightly below the 12 month average (which is also 65 days).
How busy is the market?
- Not busy
- Normal
- Very busy
- Transactions in August are down
- Total transactions in August 2025 93.6K
- -1.7% versus last month
- +1.7% higher than last year
Homes for sale vs homebuyers
- Good availability of homes
- Normal
- Shortage of homes
- Buyer enquiries fall(-19% RICS Sept data) 3rd monthly fall
- Seller instructions down (-15% RICS Sept data) 2nd monthly fall after 13 successive rises
- Average stock per agent 66 in September; up from 65 last month (incl under offer/ Sold STC Rightmove)
Average speed of sale
- Fast
- Normal
- Slow
- Sept figure: 64 days to find a buyer, up from 63 days last month; in line with 12 month average of 65 days (Rightmove)
What the experts say
Rightmove
“We’d expect to see a slight uptick in new seller asking prices in September, with the traditional back to school season boosting activity heading into autumn. This year’s 0.4% September price rise is a little lower than the norm, which is an average of 0.6% at this time of year. However, prices have now dipped slightly from where they were at this time last year after a summer of competitive pricing by sellers, and it’s the south of England which is driving this small dip. It’s the sensible and attractive seller pricing we’ve been reporting which has been helping to drive more sales activity compared to last year. Static house prices, rising wages, and lower mortgage rates all assist buyer affordability, which has led to an increase in the number of sales agreed compared to a year ago. Rumours of property tax changes began swirling in mid-August, and with the Budget itself not arriving until the end of November, this kind of extended uncertainty can affect market activity, especially in the higher price brackets.”
Nationwide
“The broad stability in the annual rate of house price growth over the past three months mirrors that of activity. The number of mortgages approved for house purchase have been hovering at around 65,000 cases per month, close to the pre-pandemic average (despite the higher interest rate environment).”
Zoopla (Hometrack)
“The sustained upward momentum in housing activity over the last 18 months will start to plateau in the coming weeks as Budget uncertainty impacts home-buying decisions. Budget speculation is always a factor for homebuyers, but this year possible changes appear to have been more heavily trailed. While it may well come to nothing, speculation over possible tax changes is impacting market activity for homes over £500,000. Activity across the mass market remains stable compared to a year ago and prices are rising more quickly where there is affordability, reinforcing the north/south divide.”
Halifax
“The average UK house price edged down by -0.3% (£794) in September, following a modest rise in August. Over the past 12 months prices have grown by +1.3%, the slowest annual rate since April 2024. This slight monthly dip in house prices reflects a housing market that has remained broadly stable, prices are up +0.3% since the start of the year. While affordability remains a challenge, a relatively lower mortgage rate environment and steady wage growth have helped support buyer confidence. Although the broader economic outlook remains uncertain, with the affordability picture gradually improving, we continue to expect modest growth through the remainder of the year.”
RICS
“The September 2025 RICS Residential Survey results remain consistent with a subdued market backdrop at present, with measures of buyer demand and agreed sales still negative. Significantly, forward-looking sentiment points to a continuation of this generally underwhelming picture over the coming months.”
