Findings from Pearson Ham’s latest price index show that home insurance prices were up by 0.4% in August after their brief decline in July. The research found that the average home insurance premium was just less that £418, which is 26% higher than at the same time last year.

There was significant differences at a regional level ranging from a monthly increase of 0.9% in Scotland down to a 0.2% increase in both London and the South West.

Stephen Kennedy, director at Pearson Ham Group, said: “The plateauing of home insurance prices over the past few months may represent the end of the steep increases observed in response to rising costs over the past two years and will be interesting to see how this develops in September, particularly if we experience any more extreme weather events.”

He added: “The regional disparities observed highlight the continuing volatility in the home insurance market, which could have ongoing implications for both homeowners and insurers.”