Small increase in October housing asking prices as sales decrease by 17% year-on-year

The average asking price for a property in the UK has gone up by just 0.5% to £368,231 this month, making it the smallest average increase at this time of year since 2008.

According to Rightmove data, average asking prices typically increase by 1.4% in the month of October.


Credit: Rightmove

Last month, the highest number of homes in 12 years had their house prices reduced

In addition, house sales are down by 17% compared to this time last year, which the online estate agent said is due to sellers struggling to adjust their price expectations, resulting in properties remaining unsold. 

Rightmove reports that buyer activity levels are significantly lower than in the “post-pandemic market frenzy”, when eight in every ten properties found a buyer. At present, six in every ten properties are finding a buyer.

Despite this, the number of buyers enquiring to each available home for sale is 8% higher than in 2019.

Fixed mortgage rates have fallen for 11 consecutive weeks, with the average two-year fixed rate below 6% for the first time since June 2023.

Over the past 11 weeks, the average five-year fixed rate mortgage has dropped from 6.08% to 5.43%.

Rightmove said areas of the UK with the highest percentage increases in house prices in October were London (2.1%), the South East (1.0%), North West (0.9%) and Yorkshire and Humberside (0.6%).