Average UK house asking price rises over £1,000 in October

The average price of property coming to market rose by 0.3% or £1,165 this month, hitting £371,422, according to Rightmove (RMV.L).

Despite the uptick, that is well below the ten-year October average of a 1.1% rise, with sellers having limited pricing power in a market that remains cautious.

The national average asking price is down 0.1% over the past 12 months. However, this figure masks a regional split. The south of England, particularly London, continues to underperform the national average, weighed down by high stamp duty, soft international demand, and a wait-and-see approach among buyers, according to the property site.

Prices in the UK capital are down 1.4% year-on-year, with all four southern regions of England recording drops. By contrast, Wales, Scotland, and the Midlands have all posted gains of at least 1%.

Higher stamp duty charges introduced in April hit more expensive markets in the south, where sellers are also facing increased competition from a larger pool of available homes, the data suggests.

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"Mortgage rates have plateaued over the last month, with some average rates rising and others falling, as lenders hit the pause button leading up to the budget," said Matt Smith, mortgage expert at Rightmove (RMV.L). "The cost of financing mortgages has come down again, so we’re likely to start seeing some very gradual drops in average rates soon."

"However, until the budget at the end of November, we’re likely to see a very quiet market with few shifts in rates, as lenders wait to see how they may be affected by any policy announcements."

Smith noted that affordability has improved for many prospective buyers compared to 2024, thanks to flat prices, looser lending criteria, and lower mortgage rates, particularly for two-year fixed-rate deals.

Comparisons with the same period in 2024 show a softer market in September. Both new buyer enquiries and new listings were down 5% year-on-year, while sales agreed dropped 2%. However, the broader 2025 picture remains more robust.

Year-to-date figures show buyer demand up 2%, with new seller listings and agreed sales both up 5% compared to the same period last year.

Rightmove (RMV.L) said pricing strategy remains key in a cautious market. According to the company’s internal data, homes that receive an enquiry on the first day of listing are 22% more likely to sell than those that receive no enquiries in the first two weeks.

"Despite the overall resilience of the 2025 housing market, we’ve not got enough pent-up momentum or recent positive sentiment to spur the usual autumn bounce in property prices," said Colleen Babcock, property expert at Rightmove.

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"We’re experiencing a decade-high level of property choice for buyers, which means that sellers who are serious about selling have had to acknowledge their limited pricing power and moderate their price expectations."

Read more: Mortgage demand unlikely to rise this year amid low interest rate cut expectations

"In addition, speculation that the budget may increase the cost of buying or owning a property at the higher end of the market has given some movers, particularly in the south of England, a reason to wait and see what’s announced in the budget."

In the capital, buyer hesitancy is most pronounced, particularly among international purchasers.

"Whilst there is certainly plenty of initial interest in London, we’re not seeing as many buyers committing, particularly when it comes to international enquiries," said Marc von Grundherr, director at London estate agency Benham and Reeves.

"Mortgage rates have been largely trending downwards since the base rate began to stabilise and fall, but stubbornly high inflation continues to delay the pace of cuts that many had hoped for by now. This has left some buyers in a holding pattern, waiting for clearer signs of sustained affordability before committing."

"A great deal of the current hesitation can also be attributed to the upcoming autumn budget, with many buyers preferring to wait for clarity on taxation and wider economic policy before acting. Once this uncertainty has passed, we expect the market to gather pace."The average price of property in the UK has hit £371,422, according to Rightmove.·Karl Hendon via Getty Images

Recent weeks have brought signs that housing will feature in the upcoming budget. Both the government and the Conservative Party have suggested possible reforms to the home-buying and selling process.

"It’s encouraging that housing continues to be a political priority with some radical changes being suggested," said Babcock. "We’re all for policies which would speed up the home buying and selling process and make it easier for all involved."

"Rightmove has been calling for stamp duty reform for some time now, and we believe that abolishing it completely would remove one of the biggest barriers to movement. We hope the government considers how they could improve it in November’s budget. Increasing the thresholds would be a help, but going further would be a huge step forward."

Chancellor Rachel Reeves will deliver her autumn statement on November 26.

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