Estate agency group Haart has reported that the average house price in the UK stabilised last month at £203,135.

Meanwhile, London prices eased 3% in September to £507,967.

On an annual basis house prices were up 6.9% annually in September UK-wide and 19.8% in London.

The estate agent said almost 10 buyers are chasing each new property instruction across UK – two years ago eight buyers chased every instruction. In the capital, 16 potential buyers are after each London property instruction.

The report also said that the average property price for first-time buyers has reached a two-year high at £160,218.

New properties for sale in London rose 23.1% annually and across the UK by 2.8%.

Paul Smith, CEO of haart, said: “Although our data shows a small slowdown in house price growth on a monthly basis, this must be taken in the wider market context. Good mortgage deals are still very much on the table and interest rates aren’t going up for the foreseeable future. We have 10 buyers chasing every new property instruction UK-wide so sellers shouldn’t start sneezing yet! The run up to Christmas has already begun and the market remains strong.

“The dust is settling from the party conferences which only served to show how far short on housing policy all the parties were. The so called ‘mansion tax’ has rightly come in for some stick not least for being a tax on the South East, and a proper house building programme, the long-term key to keeping prices from spiralling, was barely mentioned in any concrete form. Sellers should be reassured that the UK property market is still performing well and buyers are showing no sign of packing their bags for the winter sun just yet.”