UK property price indices have recorded year-on-year falls for the first time this year, with several major indices reporting declines of less than 1%. This comes as market conditions continue to deteriorate for sellers.
Sellers are facing increased competition, with Rightmove reporting a 12-year high in the number of competing properties on the market. The typical sale process is also taking longer, with Home.co.uk data indicating an additional 22 days compared to a year ago.
Nationwide reported annual house price growth halving to 0.8% in September, the weakest rate since December 2025. Prices fell 0.2% month-on-month after seasonal adjustments. Lloyds Banking Group noted that average house prices edged down in August.
Rightmove also reported the largest August price drop since 2018. Zoopla data indicates that agents currently hold 5% more stock than a year ago, and the highest mortgage rates for three years are impacting buying power.