UK Property Market Update: October 2026

What’s happening in the UK property market this October?

As we move into October 2026, the property market is showing signs of renewed autumn activity, although the latest figures also highlight just how price-conscious buyers have become.

There isn’t one single statistic that sums up the current market. Buyer searches have increased, sellers are showing a little more confidence and there are more properties available to choose from. At the same time, mortgage affordability continues to influence what purchasers can comfortably pay, and agreed sales remain below last year’s levels.

For anyone considering moving this autumn, understanding that balance is far more useful than simply asking whether house prices are ‘going up or down’.

Asking prices have returned to growth

Rightmove’s September House Price Index recorded a 0.7% monthly increase in the average asking price of properties newly coming to market, taking the national average to around £367,440.

It was the first monthly increase since May and represents a return of some of the seasonal momentum typically associated with the autumn market. However, the wider context is important: average asking prices were still 0.8% below the same point last year.

For homeowners, that suggests this isn’t a market in which every property can simply be listed at a higher price and expected to sell. Buyers remain sensitive to value, particularly because their monthly mortgage costs are significantly affected by both the price they pay and the rate they can secure.

Buyer interest is picking up

There are nevertheless encouraging signs when we look at buyer behaviour.

Zoopla reported that searches for homes were 7% higher than a year earlier, representing the strongest annual increase for around 12 months. Importantly, the increase was seen across every country and region of the UK rather than being concentrated in one part of the market.

That tells us there are plenty of people exploring their options.

However, searching for property and committing to a purchase are two different things. Zoopla also reported that sales agreed remained approximately 6% below last year’s levels.

This gap is useful for understanding the current market. Buyers haven't disappeared; instead, many are taking more time over decisions and paying close attention to affordability before making an offer.

Mortgage affordability remains central

The latest Bank of England figures reinforce that picture. Mortgage approvals for house purchases fell to 54,918 in August, their lowest monthly level since December 2023, while the effective interest rate on newly drawn mortgages increased to around 4.6%.

For households using a mortgage, relatively small movements in borrowing rates can translate into noticeable differences in monthly repayments. That naturally influences the price buyers feel comfortable paying.

Zoopla estimates that changes in mortgage rates have reduced buyer purchasing power by around 9% since January, which helps explain why some purchasers are adjusting budgets or increasing the deposit they contribute.

For buyers, the lesson is straightforward: work from the monthly payment you can comfortably afford rather than automatically borrowing the maximum available to you. Getting a clear picture of your mortgage position before viewing properties can also make it easier to act decisively when the right home appears.

More homes for sale means more competition

Another important part of the October picture is supply. Zoopla reports around 5% more homes available for sale than a year ago, giving buyers greater choice.

That is positive if you're purchasing. More stock means you may be able to compare several suitable properties, rather than feeling forced to compromise because so little is available.

For sellers, the same statistic has a different meaning. Your property is competing for attention, and buyers may be viewing several alternatives at a similar price.

This makes the initial asking price, presentation and quality of marketing particularly important. A property that launches at an unrealistic figure may struggle while correctly priced competing homes attract the available buyers.

What does October mean if you're thinking of moving?

For sellers, the autumn market provides an opportunity to reach buyers who are actively looking, but realistic pricing remains important. Understanding recent comparable sales and current competing listings can give you a much clearer idea of where your home should sit.

For buyers, greater supply means more choice, while current affordability pressures mean careful budgeting remains essential. It may also create opportunities to negotiate, although attractive properties in desirable areas can still generate competition.

Overall, October's market is best described as active but considered. People still want to move, properties are still selling and autumn has brought renewed interest, but both buyers and sellers are having to pay closer attention to price and affordability.

For anyone planning a move, preparation is therefore particularly valuable. Understanding your property's value, your mortgage position and what is happening in your part of the market can help you make decisions based on your own circumstances rather than national headlines.

Considering selling? Complete the contact form and one of our team will arrange a no-obligation property valuation to help you plan your next steps.

Planning to buy? If you’re looking to move in the next 6 to 12 months and want to stay local, reach out to us and we can send you a link to our Heads Up Property Alerts, giving you early access to homes before they hit the market.