Your monthly UK housing market update. Covering sold prices, asking prices, surveyor sentiment and what’s next for the property market.
Budget clarity steadies the market as prices cool and buyers regroup
HM Land Registry – Sold Prices
September brought a calmer, slower-paced month for house prices.
Annual house price inflation eased to 2.6%, down from 3.1% in August. It’s not a dramatic shift, but it does show conditions cooling after a steadier summer. The average UK home now stands at £272,000, up £7,000 on last year, but edging down month-on-month.
Across the UK, the picture is a mix of gentle rises and regional contrasts. England increased to £293,000 (2%), Wales to £209,000 (2.7%) and Scotland to £194,000 (5.3%). Northern Ireland continued its standout performance with 7.1% annual growth. Within England, Yorkshire and The Humber led the way at 4.5%, while London slipped by 1.8%.
Sales activity shows the market isn’t standing still: 96,000 transactions took place in September, up 3.7% on last year. Mortgage approvals also lifted slightly to 65,900, suggesting that while buyers may be cautious, they haven’t stepped away.
Rightmove – Asking Prices
Sellers took a measured approach in November as Budget speculation and a glut of available homes nudged pricing downwards. Average asking prices fell by -1.8% (-£6,589) to £364,833. It’s a bigger November drop than usual, but in line with the backdrop of seasonal slowdown and wider uncertainty.
Price reductions also hit their highest level since early 2024, showing sellers are willing to negotiate to secure serious buyers. The top end of the market felt this most sharply: agreed sales fell by -13% for homes over £2 million, and -8% for the £500,000–£2 million bracket. The lower end of the market continues on firmer ground, down just -4% year-on-year.
Even so, when you zoom out, the year looks surprisingly solid. Across 2025, agreed sales remain 4% higher than the same period in 2024. With mortgage rates still softening (the average two-year fix is now at 4.41%, down from 5.06%), a steadier 2026 is taking shape.
RICS – Chartered Surveyor Sentiment
Surveyor sentiment reflects a cautious market. New buyer enquiries came in at -24% over October, and agreed sales matched the same figure. It’s a sign that many households paused decisions while waiting to see how the Budget unfolded.
Even so, the tone isn’t entirely gloomy. Near-term sales expectations improved slightly to -3%, and the 12-month shifted into positive territory, with +7% of surveyors expecting activity to pick up over the next year. This is the first hint in some time that confidence is turning a corner.
On the supply side, things have thinned out: new instructions dropped -20%, while market appraisals are -37% on last year’s levels. While prices remain under gentle downward pressure (with a net balance of -19%), surveyors don’t expect anything dramatic. The expectation is for marginal declines over winter, followed by a slow return to growth once the market has digested clearer policy signals.
Zoopla – Housing Market Outlook
With the Budget out and the threat of a new annual property tax shelved, Zoopla reports a noticeable sigh of relief across the housing market. The upper end, in particular, gets breathing space: around 210,000 homes for sale will no longer face a potential annual charge, which should help bring higher-value buyers back into the fold.
That said, the lack of stamp duty reform means moving costs remain high, and affordability pressures won’t ease overnight. Even so, Zoopla says motivation to move is still strong. Many buyers who hit pause earlier in the autumn are expected to “re-enter” over the coming weeks, helping activity rebuild into early 2026.
Regional differences remain striking: the South continues to lag, while the North, Midlands, Scotland and Northern Ireland remain comparatively resilient. Looking to 2026, Zoopla expects steady (if unspectacular) activity, with income growth unlocking more moves next year.
Express Index
For a full, comprehensive breakdown of current property market activity. Visit our Express Index here
Are you thinking of putting your home on the market?
We specialise in helping you get more for your property. Quicker, easier and with less stress.
You can call us any time on 0333 016 5458 where we can provide help, guidance and support.
Instant valuation – get a free 32-page instant valuation report here