House prices stall in August amid economic uncertainty

House prices in England and Wales showed no shift from July to August, with a 0% rise between July and August, research reveals.

That’s according to the latest e.surv chartered surveyors index which does reveal a 2.8% drop in values from 12 months previously.

The stagnant monthly figures suggest recent downward pressure may be stabilising, though values currently sit at their weakest position since late 2021.

The current average price stands just below £353,000 for both nations.

Market recovers but fears remain

The organisation’s head of research, Rob Owens, said: “August saw no change in average house prices compared to July, suggesting the recent period of decline may be easing.

“However, prices remain 2.8% below their level a year ago and are now at their lowest since late 2021.

“A surge in new listings has contributed to this softening, even as underlying sales activity shows signs of improvement.”

He added: “Property transactions in July returned to typical levels, with over 94,000 completions recorded — broadly in line with the 12-month average.

“This marks a recovery from earlier distortions in the market caused by changes to stamp duty, indicating that transactional momentum is gradually rebuilding.”

Mr Owens also made clear lower mortgage rates are helping buyer demand but fears over any future rate cuts is worrying many potential buyers.

Big regional price differences

July saw more than 94,000 transactions completed, matching the 12-month average and signalling a recovery from earlier distortions caused by stamp duty changes.

Mortgage rates, particularly for two-year fixed deals, have eased by 40–70 basis points, offering some relief to buyers.

Regional data highlights significant variation and the North East was the only area to record annual growth, up 0.1%, while the South East saw the sharpest fall at 3.9%.

London slipped 2.1% but has recently performed more strongly than other parts of the country, narrowing the gap between the capital and the wider market.

Wales, down 1.9% year-on-year, continues to hold up better than most English regions and may outperform in the coming months.