The average house price in September rose 9.5% year-on-year, a slight dip from the sky-high figures in July and August.

This is the first time annual house price growth has been in single digits since October 2021. The average house price is now £272,259.

In another indicator of a slowing market, monthly growth was flat, compared to +0.7% in August. September is therefore the first month not to record a sequential rise since July 2021.

The slowdown occurred nationwide, with 10 of the UK’s 13 regions seeing weaker annual growth. The South West, the strongest performing region, saw a fall from 14.7% in Q2 to 12.5%; London, meanwhile, the weakest performing UK region, saw a slight increase from 6% to 6.7%.

Higher rates and the rising cost of living are slowing growth, according to analysts.