In response to the data, Robert Gardner, Nationwide’s chief economist, said: “Market activity and house prices have remained soft in recent months, in part reflecting the uncertain economic backdrop.”

Gardner added: “The data for households who moved in 2024/25 (the most recent data available) indicates that moves within tenure types dominate.

“Indeed, around three quarters of all moves were within the same tenure type and a quarter between tenure types.”

In response to the figures Nathan Emerson, chief executive officer at Propertymark, said: “Steady house prices reflect a housing market that continues to find balance despite ongoing economic and political change. 

“A combination of constrained housing supply, changing borrowing costs and varying levels of buyer demand continues to influence market conditions, while the national figures mask significant regional variation across the UK. 
 
“Yesterday’s interest rate decision, with rates remaining unchanged, provides greater certainty for borrowers and allows prospective buyers to plan with a clearer understanding of future mortgage costs.”
 
Emerson added: “As the new Prime Minister develops his housing agenda, clarity around taxation, housing supply and long-term reforms will help reinforce confidence across the market. 

“Stability in policy is every bit as important as stability in interest rates.”