Overview
- Average asking prices rose 0.3% in October to £371,422, far below the 10-year October norm of 1.1%, leaving prices 0.1% lower than a year earlier.
- Rightmove data show a 5% year-on-year decline in both new buyer enquiries and new sellers entering the market in September.
- London continues to drag the average, with asking prices down 1.4% annually, while a decade-high level of listings is curbing sellers’ pricing power.
- High-end buyers are waiting for clarity as the Treasury considers options reported to include a levy on sales over £500,000 and changes to capital gains relief on higher-value homes.
- Affordability has improved for some as two-year fixed mortgage rates are lower than a year ago, and the government says it aims to boost housebuilding and support growth in the budget.