Despite the gloomy economic outlook, this month’s Chesterton Humberts/CEBR House Price Poll of Polls suggests that property market conditions remain stable, with average property prices appreciating marginally in September.

Set against a back-drop of rising mortgage approvals and improving credit availability, the Poll of Polls saw a slight increase in the average price of a home in September, following a small revision of last month’s data when the latest Land Registry figures were published.

The poll brings together the leading house price indices to capture a unique look at properties for sale and that have been sold, in effect creating a medium value for house price polls.

According to the data provided from the report, which is produced by Chesterton Humberts and the Centre for Economics and Business Research, home prices ticked up by an average of 0.2% between August and September 2011 adding to the stabilisation of house prices across the country.

The average price of a house in the UK rose by 0.2% in September to reach £176,553, which is -1.6% lower compared to the same month last year.

Robert Bartlett, Chesterton Humberts’ CEO, comments: “In recent months the gulf between asking prices and selling prices has widened as sellers, on average, have been in denial about the true market value of their homes based on the economic realities. This is most keenly observable in the difference between the Rightmove Asking price surveys and the Land Registry data. In addition, buyers appear willing to wait longer at present, without much urgency to make offers or conclude a purchase.

Douglas McWilliams, Chief Executive of CEBR, says: “Three years after the collapse of Lehman Brothers, credit conditions remain a significant obstacle to improvements in the housing market. Small improvements in mortgage lending activity will not let the Bank of England off the hook. Another round of quantitative easing was necessary.”

Ant Lyons (Editor, Your Property Network Magazine).