The usual autumn boost in property prices across the UK has been noticeably weaker this year, according to new data released by Rightmove. The property website reported that average asking prices in October rose by just 0.3%, or £1,165, bringing the national average to £371,422. While this marks a slight increase, it falls well below the typical 10-year October rise of 1.1%, suggesting that sellers’ pricing power remains limited due to the higher number of homes currently on the market.
Traditionally, the housing market experiences a seasonal upturn during October, following a slower summer period. This “autumn bounce” usually reflects renewed interest from both buyers and sellers looking to complete transactions before the end of the year. However, Rightmove’s latest report indicates that this year’s seasonal lift has failed to gain momentum, with market activity remaining more restrained than usual.
The data highlights that, despite steady year-to-date performance, overall market activity is showing signs of caution in several regions. Some sellers are adjusting their expectations as the balance of power has shifted slightly towards buyers. The abundance of available properties means that potential purchasers have more choice, making it harder for sellers to achieve higher prices without offering value or flexibility.
Colleen Babcock, a property expert at Rightmove, noted that the 2025 housing market has demonstrated resilience despite ongoing economic uncertainty. However, she said there is currently not enough positive sentiment or pent-up demand to drive the strong autumn bounce typically seen in previous years. She added that this year’s market conditions have forced sellers to become more realistic about their pricing strategies.
According to Babcock, one key factor contributing to this slowdown is the high level of housing stock available to buyers. With a decade-high number of properties on the market, competition among sellers has intensified. “Serious sellers have had to recognise that their pricing power is limited,” she said, “and many are moderating their expectations to attract interest.”
Another factor influencing buyer behaviour is the growing speculation surrounding the government’s upcoming Budget. Many potential movers, particularly in the south of England, are choosing to delay their decisions until they have more clarity on possible tax changes or housing policies that could affect affordability. This uncertainty has led to a noticeable slowdown in higher-end market transactions.
The report also revealed that while prices rose slightly in October, asking prices are actually 0.1% lower than they were a year ago. London and the South of England are the main contributors to this annual decline, with the capital seeing average asking prices drop by 1.4%. These regional disparities continue to pull down the national average, even as other parts of the country show signs of stability.
Rightmove’s analysis pointed to the impact of the higher stamp duty rates introduced earlier this year. These changes have had a more pronounced effect on southern markets, where property values are already higher, leading to slower sales and increased hesitation among buyers facing elevated transaction costs.
Matt Smith, Rightmove’s mortgage expert, provided some encouraging insights for buyers. He explained that average mortgage rates, particularly for two-year fixed deals, are now lower than they were a year ago. Combined with flat house prices and improved lending criteria, this has helped to slightly improve affordability compared to last year. Smith suggested that these conditions could create opportunities for well-prepared buyers.
However, estate agents in London have reported mixed activity. Marc von Grundherr, director at Benham and Reeves, said that while initial interest in London properties remains strong, many buyers are hesitant to move forward. He attributed this to persistent inflation, slower-than-expected mortgage rate cuts, and ongoing economic uncertainty.
Von Grundherr also linked part of the market’s current hesitation to the upcoming autumn Budget. “Many buyers are waiting to see what the government announces before making any major financial commitments,” he said. “Once this uncertainty is behind us, we anticipate renewed momentum in the property market.”
He also suggested that while London’s housing market is currently lagging behind the rest of the UK, it has historically rebounded faster once confidence returns. “London tends to outperform when the market begins to move again,” von Grundherr explained. “We expect that pattern to re-emerge once economic clarity improves.”
Meanwhile, first-time buyers appear to be one of the few groups maintaining steady momentum in the current market. James Nightingall, founder of HomeFinder AI, said that many first-time buyers remain determined to complete purchases before the end of the year. Their motivation, he added, has been comparable to the same period last year, driven largely by the desire to secure stable mortgage deals and beat potential Budget-related changes.
Overall, Rightmove’s report paints a picture of a housing market that remains stable but cautious. While underlying demand has not disappeared, the combination of high inflation, increased housing supply, and policy uncertainty has made buyers and sellers more measured in their approach. This has resulted in a flatter market compared to the sharp price movements seen in previous years.
As the year progresses, experts suggest that the key to reviving stronger growth will depend on improved economic confidence and clearer policy direction from the government. With affordability gradually improving and borrowing costs easing, there may be scope for renewed activity once the Budget announcements are made. For now, however, the autumn housing market remains balanced but subdued, marking a quieter season for sellers across much of Britain.
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