Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “It’s not common to celebrate the solid or the average, but the fact that house-buying activity was pretty middle-of-the road in September is a positive sign.
“It means that the looming Budget hadn’t brought things to a standstill. It wasn’t exactly a flurry of activity though.
“Unsurprisingly, it was better than Septembers over the last couple of years, when mortgage rates were sky high.
“Likewise, nobody will be shocked to hear it was nowhere near as busy as it was during the post-pandemic boom.
“However, it’s also behind the three-year average leading up to the pandemic.
“These purchases will have been agreed in the summer, when buyer numbers were starting to fall.
“In the period since, estate agents have reported chains breaking down as buyers get cold feet.
“It’s not just the looming budget, but sky high prices and weakness in the labour market, which are weighing on people’s minds.
“The fact we’re still seeing purchases on the rise reflects the positive factors at work, with wages rising ahead of house prices and mortgage rates trending downwards.
“Figures showing a rise in mortgage approvals for purchases at the end of this year is another sign the market should remain reasonably solid.
“This kind of market can work in your favour if you’re looking to buy, because there’s no need to rush, and less pressure to pay more than you can afford.
“It could help avoid people over-stretching in an effort to get onto the property ladder.
“The new HL Savings & Resilience Barometer shows the damage that stretching too far can do.
“Those who have remortgaged since rates started rising have £406 less in savings accounts than those who haven’t had to do so, leaving them more vulnerable if life takes a turn for the unexpected.”
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