The autumn asking price bounce among home sellers was lower in October than usual, according to a property website.
Across Britain, the average price of a property coming to the market for sale increased by 0.3% or £1,165 in October to reach £371,422, Rightmove said.
But the rise is below the 10-year average October bounce of 1.1%, as the high number of homes for sale limits sellers’ pricing power, the website added.
October typically sees a seasonal increase in activity and new seller asking prices as the market bounces back from a quieter summer period, but activity has not been strong enough to drive the usual autumn bounce in prices, the report said.
It added that when looking at the year-to-date, market activity remains resilient, albeit cautious in some parts of the market.
Colleen Babcock, a property expert at Rightmove, said: “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.
“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. 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.”
The subdued 0.3% monthly price rise means that asking prices are 0.1% lower annually, on average. Annual falls in London and the south of England have dragged down the average, Rightmove said, with average asking prices in London down by 1.4% annually.
The higher stamp duty rates that came into effect in England at the start of April continue to impact the more expensive southern regions, the report said.
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Matt Smith, Rightmove’s mortgage expert, said: “Average mortgage rates, particularly two-year fixed rates, are still lower than they were a year ago. Combined with flat house prices and improved lending criteria, many home-movers may find their affordability significantly improved compared with last year.”
Marc von Grundherr, director of estate agent Benham and Reeves in London, said: “Whilst there is certainly plenty of initial interest in London, we’re not seeing as many buyers committing, particularly when it comes to international inquiries.
“Mortgage rates have been largely trending downwards since the (Bank of England) 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.
“London may be trailing the rest of the country for now, but history shows it tends to outperform once momentum builds, and we anticipate that pattern will return as confidence strengthens.”
James Nightingall, founder of HomeFinder AI, said first-time buyers “have perhaps been the one demographic that has shown a similar level of motivation seen during October last year with many aiming to move into their new property by the end of the year”.
