Lloyds: London house prices fall 2.2% in year to September; UK flat
Lloyds' September index shows UK house prices unchanged on the month and year at £298,441, while London fell 2.2% year on year to £531,548. Coverage ties the subdued market to higher mortgage rates, the Iran conflict and Budget uncertainty.
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The story, neutrally told
Mixed · 2The Lloyds house price index showed UK house prices unchanged in September, with 0.0% change both on the month and compared with a year earlier. Evening StandardN “Lloyds recorded a 0.0% month-on-month change in property values in September, following a 0.3% fall in August.” Read at Evening Standard ↗ City A.M.RC “Across the UK, house prices were unchanged in the month to September as well as year on year” Read at City A.M. ↗ Centre · 1The average UK house price in September was £298,441; August had seen a 0.3% monthly fall and a 0.4% annual dip. Evening StandardN “Across the UK, the average house price in September was £298,441.”“following a 0.4% annual dip in August” Read at Evening Standard ↗ Right · 1In London, the average price fell 2.2% year on year to £531,548, a worse drop than the 1.5% recorded in August, according to City A.M. City A.M.RC “The average house price in London fell by 2.2 per cent to £531,548 in the year to September, according to the Lloyds house price index, marking a worse drop than August’s 1.5 per cent.” Read at City A.M. ↗
Mixed · 2Elsewhere, the South East fell 2.1% to £380,829 and Eastern England 1.6% to £330,151; Lloyds' regional figures also showed falls in the South West (1.4%), East Midlands (0.8%) and Yorkshire and the Humber (0.6%), while Northern Ireland was up 7.4% to £231,917. Evening StandardN “South East, £380,829, minus 2.1%”“Northern Ireland, £231,917, 7.4%” Read at Evening Standard ↗ City A.M.RC “In eastern England, the average house value fell by 1.6 per cent to £330,151.” Read at City A.M. ↗ Centre · 1Andrew Asaam, mortgages director at Lloyds, said the market had been "fairly subdued" but prices had "proved resilient" during a period of higher mortgage rates driven by changing expectations about the Bank of England base rate. Evening StandardN “While the market overall has been fairly subdued, property prices have so far proved resilient during a period of higher mortgage rates” Read at Evening Standard ↗ Mixed · 2He added that household spending was holding up better than many expected despite energy and other cost pressures from the Middle East conflict, and that confidence would shape demand through the rest of this year and into 2027. Evening StandardN “Confidence has long been a key driver of housing market activity, and will play an important role in shaping demand over the remainder of this year and into 2027.” Read at Evening Standard ↗ City A.M.RC “household spending holding up better than many expected despite energy and other cost pressures arising from the Middle East conflict” Read at City A.M. ↗
Mixed · 2On Monday the average five-year fixed mortgage rate reached 6% for the first time in three years, according to Moneyfacts; City A.M. adds that lenders including Barclays, HSBC and Lloyds raised rates after a surge in global borrowing costs, and that money markets expect up to four Bank of England rate rises by next summer. Evening StandardN “the average five-year fixed homeowner mortgage rate on the market reached the 6% mark for the first time in three years, according to financial information website Moneyfacts” Read at Evening Standard ↗ City A.M.RC “Money markets have tipped the Bank of England to hike interest rates as many as four times by the summer next year, with most economists expecting a hike this month.” Read at City A.M. ↗ Right · 1City A.M. attributes London's slowdown to the Iran war and says experts see southern England worst hit by rising mortgage rates and stamp duty. City A.M.RC “homeowners in the capital continue to bear the brunt of the property market slowdown caused by the Iran war”“the regions property markets are being worst hit by rising mortgage rates and stamp duty” Read at City A.M. ↗ Centre · 1Ian Futcher of Quilter said the market faced "gathering dark clouds" on affordability, confidence and borrowing costs, with the forthcoming Budget adding uncertainty as some buyers wait for clarity on tax and housing policy. Evening StandardN “The market is facing gathering dark clouds on several fronts, with affordability, confidence and borrowing costs all coming under pressure”“some buyers choosing to sit on their hands until there is greater clarity on the Government’s tax and housing policy agenda” Read at Evening Standard ↗
Mixed · 2Other industry voices were mixed: Propertymark's Nathan Emerson called fluctuation unsurprising, SPF Private Clients' Mark Harris said fuel costs, energy bills and Budget uncertainty gave buyers reason to pause, and On The Market's Jason Tebb saw caution alongside continued underlying demand. Evening StandardN “it is perhaps unsurprising to see some fluctuation in domestic house prices”“are all giving buyers reason to pause” Read at Evening Standard ↗ City A.M.RC “there is an element of caution combined with continued underlying demand” Read at City A.M. ↗ Right · 1City A.M. also reports that the Budget is due later this month, that assistance for first-time buyers of new-build homes is already expected, and that Andy Burnham announced a new equity loan scheme last week, though economists say housebuilders still need help with costs and red tape. City A.M.RC “All eyes will be on the budget later this month to see what the new Prime Minister and Chancellor have planned.”“Last week, Andy Burnham announced a new equity loan scheme for first-time buyers.” Read at City A.M. ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left0 outlets
No left outlet in our sources has covered this story yet.
Centre1 outlet
- Framing
- The Evening Standard (PA-style report) leads on the UK-wide stall at 0% growth, framed by a Quilter warning of "gathering dark clouds".
- Emphasis
- National figures, a range of industry commentary, Budget uncertainty, Iran-related energy and inflation worries and the full regional list.
- Leaves out or plays down
- The regional list as shown does not include London's 2.2% fall or its average price, and it does not mention the Burnham equity loan scheme.
- Charged language
- “Gathering dark clouds”“cast a long shadow”
- For example
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“UK house prices stalled in September, with 0% growth on both a monthly and an annual basis, according to an index.” — Evening Standard
“The ongoing conflict involving Iran continues to cast a long shadow over the economic outlook.” — Evening Standard
Right1 outlet
- Framing
- City A.M. leads on London's worsening annual fall, blaming the Iran war for the slowdown in the capital and treating the flat UK figure as secondary.
- Emphasis
- London and southern England losses, mortgage rates, stamp duty, rate-rise expectations and the coming Budget and first-time buyer policy.
- Leaves out or plays down
- Does not give the UK average price of £298,441 or the full regional table, including Northern Ireland's 7.4% rise.
- Charged language
- “bear the brunt”“slump”“subdued”
What every side reports
- Lloyds reported UK house prices unchanged in September, both monthly and annually.
- Andrew Asaam of Lloyds described the market as subdued but resilient to higher mortgage rates.
- The average five-year fixed mortgage rate hit 6% for the first time in three years, per Moneyfacts.
- The South East fell 2.1% and Eastern England 1.6% year on year.
Lloyds Banking Group organisation
Lloyds, via mortgages director Andrew Asaam, calls the market subdued but resilient, with buyer caution balanced by underlying demand, and says confidence will shape demand.
“For now, the housing market appears to be balancing buyer caution with continued underlying demand.” — Evening Standard
Left0 articles
No coverage yet.
Centre1 article
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‘Gathering dark clouds’ for the property market with 0% growth for house prices
Mixed UK-wide stall presented through Lloyds and multiple industry quotes, leaning cautious about Budget and rate uncertainty.
Right1 article
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House prices fall faster in London as property market stays ‘subdued’
Critical London-focused: capital's prices falling faster, attributed to the Iran war and higher rates.
- 7 Oct 07:28 First City A.M.RC House prices fall faster in London as property market stays ‘subdued’
- 7 Oct 07:43 +15m Evening StandardN ‘Gathering dark clouds’ for the property market with 0% growth for house prices
Times are when each article was published, or when we first saw it if the outlet gave no time.