UK house prices unchanged in September at £298,441: Lloyds

What the September index shows

The Lloyds House Price Index for September 2026 was published on 7 October 2026. It put the average UK house price at 298,441 pounds. That figure is the headline number for the month and sits at the centre of the report, which covers buyers, sellers and existing homeowners across the UK.

The annual change was 0.0 percent. Prices were unchanged compared with September 2025, so the average price of 298,441 pounds is the same in annual terms as it was a year earlier. The monthly change was also 0.0 percent, meaning house prices were unchanged in September compared with August. That followed a fall of 0.3 percent in August. The quarterly change was a fall of 0.2 percent, which covers the three month period to September.

Taken together, the four headline figures describe a market that has paused rather than moved sharply in either direction. The monthly figure of 0.0 percent follows a small decline in August, and the annual figure of 0.0 percent shows no net change over twelve months. The quarterly figure of a fall of 0.2 percent is a modest negative reading over a longer window than a single month. The average price of 298,441 pounds is the reference point for all of these measures.

Why prices have held steady

Lloyds said property prices have proved resilient during a period of higher mortgage rates. That assessment sits alongside the flat annual and monthly readings. Higher mortgage rates affect what buyers can borrow and what monthly repayments cost, which in turn shapes what people are able to pay for a home. Despite that backdrop, the index shows the average price at 298,441 pounds with no annual change.

Lloyds said the higher mortgage rates have been driven by changing expectations about the future path of Bank Rate. Expectations about where Bank Rate will go next feed into the pricing of fixed rate and variable rate mortgages, and those expectations have shifted over the period covered by the index. The result, according to Lloyds, has been a period of higher mortgage rates during which property prices have proved resilient.

The flat readings in the September index are the outcome of that combination. The monthly change of 0.0 percent, the annual change of 0.0 percent and the quarterly fall of 0.2 percent all point to a market where prices have held steady rather than fallen sharply or risen quickly. The average price of 298,441 pounds is the level at which those forces have settled for the month.

What Lloyds says about buyer demand

Lloyds said new enquiries from prospective buyers are at their highest since February. That measure of early stage interest from people looking at homes is a forward looking indicator of activity, and the September reading is the strongest since the start of the year. It sits alongside the flat price figures, suggesting that interest from buyers has continued even as prices have held steady at an average of 298,441 pounds.

Lloyds said any movement in house prices is likely to remain modest. That statement is about the direction and scale of price changes rather than a specific number. It follows the monthly change of 0.0 percent, the annual change of 0.0 percent and the quarterly fall of 0.2 percent in the September index. The average price of 298,441 pounds is the starting point from which any future movement would be measured.

Lloyds said consumer confidence will shape demand over the rest of this year and into 2027. Consumer confidence affects whether households feel able to commit to a purchase, and demand in turn feeds into prices. The index does not set out a forecast beyond that statement. The September figures show the average price at 298,441 pounds, an annual change of 0.0 percent, a monthly change of 0.0 percent and a quarterly fall of 0.2 percent.

How this compares with Nationwide

Nationwide's separate index reported annual house price growth of 0.8 percent in September 2026, down from 1.6 percent in August. That is a different reading from the Lloyds annual change of 0.0 percent for the same month. The two indices are produced by different lenders and are based on different sets of mortgage data, so they do not always move in step with one another.

The Lloyds index uses both Halifax and Lloyds mortgage data. Nationwide's index uses Nationwide's own mortgage data. Because each index draws on the mortgages of the lender or lenders behind it, the sample of properties, the timing of completions and the mix of buyers can differ. Those differences help explain why one index can report annual growth of 0.8 percent while another reports an annual change of 0.0 percent in the same month.

The official UK House Price Index is a separate measure again. It is produced jointly by HM Land Registry, the Office for National Statistics, Registers of Scotland and Land and Property Services Northern Ireland. It draws on completed sales recorded by those bodies rather than on mortgage data from a single lender or group of lenders. For September 2026, the Lloyds index put the average UK house price at 298,441 pounds with an annual change of 0.0 percent, while Nationwide reported annual growth of 0.8 percent.

How the Lloyds index is calculated

The index was called the Halifax House Price Index until July 2026, when it became the Lloyds House Price Index. The methodology did not change with the name. The index uses both Halifax and Lloyds mortgage data, so the rename reflects the wider group behind the data rather than a change in how the figures are put together.

It is the UK's longest running monthly house price series, with data going back to January 1983. The annual change compares the seasonally adjusted figure for the month with the same month a year earlier. For September 2026, that comparison produced an annual change of 0.0 percent, meaning the seasonally adjusted figure for September 2026 matched the seasonally adjusted figure for September 2025. The monthly change compares the seasonally adjusted figure for the month with the previous month, and for September 2026 that was 0.0 percent, following a fall of 0.3 percent in August. The quarterly change was a fall of 0.2 percent.

The average UK house price in the September 2026 index was 298,441 pounds. The next Lloyds House Price Index is due at 7am on Friday 6 November 2026. That release will provide the October figures and a further reading on whether the flat trend seen in September has continued.

Source: Lloyds House Price Index, September 2026.

Related coverage on Kael Tripton: House price growth halves to 0.8% as prices slip in September, UK House Price Index: how it works and what the latest figures show, Mortgage Rates Are Falling Before the Bank Even Moves: What Was Cut and Whether to Fix, What Are Swap Rates? How They Affect UK Mortgage Rates Explained, First Time Buyer ISA: Government Consults on LISA Replacement Launching April 2028.

Frequently asked questions

What was the average UK house price in September 2026?

The average UK house price was 298,441 pounds in September 2026, according to the Lloyds House Price Index published on 7 October 2026.

What was the annual change in the Lloyds House Price Index for September 2026?

The annual change was 0.0 percent. Prices were unchanged compared with September 2025.

What was the monthly change in September 2026?

The monthly change was 0.0 percent, meaning house prices were unchanged in September. That followed a fall of 0.3 percent in August.

What was the quarterly change?

The quarterly change was a fall of 0.2 percent.

Why does the Lloyds index differ from Nationwide's index?

The two indices use different lenders' mortgage data. The Lloyds index uses both Halifax and Lloyds mortgage data, while Nationwide's index uses Nationwide's own mortgage data. Nationwide reported annual house price growth of 0.8 percent in September 2026, down from 1.6 percent in August, while the Lloyds annual change was 0.0 percent.