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The surge in asking prices in autumn was lower than usual among home sellers in October, according to a property website.
across BritainThe average price of a property coming on the market for sale increased by 0.3% or £1,165 in October to reach £371,422, move right Said.
But the increase is less than the 10-year average October jump of 1.1%, as the high number of homes for sale limits sellers’ pricing power, the website said.
The report said October typically sees a seasonal increase in activity and new sellers seeking prices as the market returns from a quiet summer period, but activity is not strong enough to fuel the usual autumn surge in prices.
It said that when viewed year-on-year, market activity remains resilient, although caution remains in some parts of the market.
Colleen Babcock, a property expert at Rightmove, said: “Despite the overall resilience of the 2025 housing market, we have not seen enough sustained momentum or recent positive sentiment to fuel a typical autumn bounce in property prices.
“We are experiencing the highest level of property choice for buyers in a decade, which means sellers who are serious about selling will have to accept their limited pricing power and lower their price expectations. Additionally, there is speculation that Budget The cost of buying or owning a property at the upper end of the market may increase, discouraging some movers, particularly in the South. EnglandThis is a reason to wait and see what is announced in the budget.
A reduction in monthly price growth of 0.3% means asking prices are on average 0.1% lower annually. falls in the annual London And averages have declined in the south of England, Rightmove said, with average asking prices in London falling by 1.4% year-on-year.
Higher stamp duty rates, which came into effect in England at the beginning of April, are hitting more expensive southern areas, the report said.
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Matt Smith, mortgage expert at Rightmove, said: “Average mortgage rates, especially two-year fixed rates, are still lower than a year ago. Combined with flat house prices and improved loan criteria, many home-movers may find their affordability significantly improved compared to last year.”
Mark von Grundhar, director of estate agents Benham & Reeves in London, said: “While there is certainly a lot of initial interest in London, we are not seeing as many buyers committing, especially when it comes to international enquiries.
“Mortgage rates have been moving largely downwards since the (Bank of England) base rate stabilized and began to fall, but extremely high inflation is delaying the pace of cuts that many had expected by now. This has left some buyers in a holding pattern, waiting for clear signs of continued affordability before committing.
“A major reason for the current hesitation can also be attributed to the upcoming Autumn Budget, with many buyers preferring to wait for clarity on taxation and macroeconomic policy before taking action. Once this uncertainty passes, we expect the market to pick up.
“London may be lagging behind the rest of the country right now, but history shows that once momentum builds it tends to perform better, and we hope this pattern will return as confidence strengthens.”
James Nightingale, founder of HomeFinder AI, said first-time buyers are “probably a demographic that saw the same level of motivation as during October last year, with many aiming to move into their new property by the end of the year”.