Overview
- Rightmove's October snapshot showed average asking prices rose 1.0% month‑on‑month to £371,015 while year‑on‑year levels were effectively flat at 0.1% lower.
- The average two‑year fixed mortgage rate climbed to about 5.55%, up from roughly 4.25% in February, shrinking what buyers can afford and slowing enquiries.
- Buyer contacts were down about 9% year‑on‑year, new listings were 3% higher and total homes for sale reached the highest seasonal level since 2014, leaving sales agreed roughly 8% below last year.
- London bucked the broader trend with a 2.5% month‑on‑month rise in asking prices to £673,942, but the capital remains below last year's levels and other regions saw sellers cut prices.
- A Barclays/Opinium survey found 24% of homeowners would consider downsizing but most are deterred by upfront costs and said they would need to release about £108,516 in equity for a move to make sense.