House prices steady in September as buyers wait for the Budget
Asking prices barely moved this month, with estate agents reporting caution ahead of the Autumn Budget.
House prices were broadly flat in September as buyers held off ahead of the Autumn Budget, according to the latest market data.
Rightmove's house price index showed asking prices little changed on the month, with the property portal reporting that activity was subdued as buyers waited for clarity on tax and spending measures.
Halifax's separate index, based on mortgage approvals, has similarly pointed to a market treading water, with annual price growth modest and regional variation pronounced.
Buyers are waiting for clarity on tax and spending measures.Daily Herald
Estate agents say the top end of the market in London remains sensitive to speculation about tax changes, while first-time buyer activity has been supported by a modest easing in mortgage rates from their peaks.
New-build developers have reported steady reservation rates, though the construction of new homes remains well below the Government's targets.
Economists expect the market to remain subdued until there is greater clarity on the economic outlook and the path of interest rates.
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