"Rightmove has been calling for stamp duty reform for some time now, and we believe that abolishing it completely would remove one of the biggest barriers to movement. We hope the Government considers how it could improve it in November’s Budget"
- Colleen Babcock - Rightmove
The average asking price for properties coming to the market in October has risen by 0.3% (+£1,165) to £371,422, according to new data released by Rightmove. This is well below the ten-year October average increase of 1.1%, as the decade-high supply of homes for sale continues to limit sellers’ pricing power.
September saw a softening of activity compared with the same month last year, which was boosted by the first Bank Rate cut in four years and early moves to avoid April 2025’s stamp duty increase. Despite this, the 2025 housing market remains resilient, though cautious, when looking at year-to-date figures:
New buyer enquiries and new sellers coming to market in September were both down 5% year-on-year.
Year-to-date, new buyer demand is up 2% compared with the same period in 2024.
The number of new sellers and sales agreed are both 5% higher so far in 2025 than in the first nine months of 2024.
Colleen Babcock, property expert at Rightmove, notes: “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.”
Compared with last year, September saw declines in year-on-year activity. The Bank Rate cut in August 2024 had previously encouraged buyer activity, while some home-movers in the south of England were acting early to avoid next year’s stamp duty rise. Across the full month of September 2025, new buyer demand and new sellers coming to market were both down 5%, while the number of sales being agreed fell by 2%. However, year-to-date data shows new buyer demand is up 2%, with sales agreed and new sellers both up 5% versus the first nine months of 2024.
Rightmove research highlights the importance of pricing: homes that receive an enquiry on the first day of marketing are 22% more likely to secure a buyer than those taking over two weeks to generate interest.
The modest 0.3% monthly rise means national prices are down 0.1% over the past year. London and the south of England have seen the largest falls, with London down 1.4%. By contrast, Scotland, Wales, and the rest of England have seen annual asking price rises of at least 1%, illustrating a growing regional divide.
Southern regions are being hit by higher stamp duty, increased choice for buyers, reduced international interest, and ongoing uncertainty ahead of the Autumn Budget. In contrast, more affordable regions outside the south are less affected by these factors.
Rightmove has also welcomed policy proposals aimed at improving market mobility and making the buying and selling process easier.
Babcock adds: “It’s encouraging that housing continues to be a political priority with some radical changes being suggested. We’re all for policies which would speed up the home-buying and selling process and make it easier for all involved, and we’re looking forward to helping the government with our twenty-five years of housing market data."
"Rightmove has been calling for stamp duty reform for some time now, and we believe that abolishing it completely would remove one of the biggest barriers to movement. We hope the Government considers how it could improve it in November’s Budget. Increasing the thresholds would be a help, but going further would be a huge step forward.”
Mortgage rates have largely plateaued in the last month, with some rising and others falling as lenders wait for Budget announcements.
Matt Smith, Rightmove’s mortgage expert, explains, “The cost of financing mortgages has come down again, so we’re likely to start seeing some very gradual drops in average rates soon. However, until the Budget at the end of November, we’re likely to see a very quiet market with few shifts in rates, as lenders wait to see how they may be affected by any policy announcements."
"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 Benham and Reeves in London, comments, “Whilst there is certainly plenty of initial interest in London, we’re not seeing as many buyers committing, particularly when it comes to international enquiries. Mortgage rates have been largely trending downwards since the 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.”
Jeremy Leaf, north London estate agent and a former RICS residential chairman, says: “Although a good indicator of market trends, Rightmove’s asking prices are just the owner’s starting point to gauge whether genuine buyers will be attracted."
“These figures are not immune to recent turbulence in the market as buyers and sellers worry as to what the Budget might bring in the way of higher taxes. Sellers are still being ambitious on price, confirming what we are seeing on the ground, leaving it up to buyers and agents to convince them that reality does not quite meet their aspirations."
“Demand is still there but properties are taking longer to attract offers as buyers pause, which is having a knock-on effect on the number of our new listings too."
“Looking forward, we don’t see much change until after the end of November but if the Budget measures are not as damaging as some expect, we could look forward to a reasonable bounce back for the market in early 2026.”
