The mini-budget introduced last year had far-reaching implications for the UK property market. With a meager 0.2% year-on-year growth rate in house prices, it reflects that the economic budget plan rolled out by the government did not effectively stimulate economic growth as expected. However, the budget did provide some support for property prices, stabilizing the overall market trend.

Notably, despite the 0.7% dip in house prices between July and August, this downturn did not yield negative repercussions. Instead, it had a moderately positive impact on the market.

Experts widely regard this adjustment as part of normal market fluctuations, insufficient to alter the stable trend of the overall market.

Sara Coles, Personal Finance Director at Hargreaves Lansdown, noted that in the long run, house prices may still trend toward stability, with a potential decline by the year's end.

She indicated that data over the next few months might demonstrate some signs of improvement, and while annual growth figures might exhibit some fluctuations, as the market gradually moves towards stability, the rate of house price growth will become more robust.

Furthermore, monthly data reveals a continued rise in house prices since March, albeit with a slowed growth between July and August. Bank of England data shows a decrease in approved mortgages this month, while the Royal Institution of Chartered Surveyors (RICS) indicates a declining trend in housing demand.

Additionally, transaction volumes recorded by HM Revenue and Customs (HMRC) have also decreased. These data suggest that the real estate market is gradually moving towards stability, and there may even be the potential for a new round of downward trends.