House prices flat in September: what it means if you want to sell

On 7 October 2026, Lloyds reported that UK house prices did not move in September: 0.0% on the month, 0.0% on the year, with the average home at £298,441. August had seen a 0.3% monthly fall, so September is a pause rather than a slide.

A flat national average sounds like nothing happened. For anyone thinking about selling, the more useful story sits underneath it, where some regions and property types are rising and others are falling.

What did the Lloyds September index show?

The Lloyds House Price Index is the monthly measure that was called the Halifax House Price Index until July 2026. It uses the same method, based on Lloyds Banking Group mortgage approvals.

Lloyds also said new buyer enquiries reached their highest level since February. Andrew Asaam, mortgages director at Lloyds, said prices have so far proved resilient during a period of higher mortgage rates.

Where are prices rising, and where are they falling?

The national figure of 0.0% is an average of very different local markets. Lloyds found northern regions and the nations outperforming, while the more expensive south fell.

The gap between the strongest and weakest regions is 8.4 percentage points. On a £300,000 home, a 3.1% rise is about £9,300 and a 1.2% fall is about £3,600, which is the difference a postcode can make in the same twelve months.

Why do Lloyds, Nationwide and the ONS give different numbers?

Each index measures a different slice of the market. Lloyds and Nationwide use their own mortgage approvals at the offer stage, while the ONS UK House Price Index uses completed sales registered with HM Land Registry, so it reports later.

All three point the same way: growth has slowed to roughly flat. Nationwide reported on 2 October that annual growth halved from 1.6% in August to 0.8% in September, its weakest since December 2025.

What is holding prices back?

• Mortgage rates: Moneyfacts reported on 6 October that the average five-year fix reached 6%, the highest since September 2023, and the average two-year fix reached 5.98%.
• Fewer cheap deals: fixed mortgages priced under 5% fell from 1,494 to 9 during September, according to Moneyfacts.
• The Bank of England base rate is 3.75%, and the Budget on Wednesday 28 October 2026 is adding uncertainty.
• Flats remain the weakest property type, with Lloyds recording a 15th month of falls.

What does a flat market mean if I am thinking of selling?

A flat market rewards the seller who prices accurately from the first day. When prices are rising, an optimistic asking price can be rescued by the market; when they are flat, it usually is not, and the home sits until it is reduced.

It also means the national headline tells you very little about your own home. Your region, your street and your property type matter more than the 0.0% average, and a flat in the South East is in a different market from a terraced house in the North West.

A flat national average is the moment local evidence matters most. The right price for your home is set on your street, not in a headline.

What should I do before deciding when to sell?

1. Check what homes like yours have sold for nearby in the last six to twelve months, using HM Land Registry sold prices.
2. Look at how your region and property type are moving in the latest Lloyds and Nationwide reports, not only the UK figure.
3. Get more than one estate agent valuation, so you see the honest range rather than a single number.
4. Ask each agent what evidence sits behind their figure and how many similar homes they have sold this year.
5. Decide your timing on your own plans first: a move you need in spring is planned now, whatever the index does next month.

ValuQ gives UK homeowners free, side-by-side property valuations from competing local estate agents. In a flat market, seeing several local valuations on one screen before you speak to anyone is the clearest way to find a realistic price.

Common questions about the September figures