Rightmove’s latest house price index shows the average price of a property for sale rose by 0.3% in October to £371,422.
The latest figures show this is below October’s 10-year average gain of 1.1%, as a decade of high levels of properties for sale limits sellers’ pricing power.
The report found that economic activity was weaker in September than a year earlier, compared with a strong September last year, which was boosted by the first bank interest rate cut in four years.
In addition, some moving companies are starting to take action to avoid the stamp duty increase in April 2025.
However, Rightmove said looking ahead to the year to date, the market remains resilient, albeit cautiously, into 2025.
The number of new buyers contacting real estate agents about homes for sale and the number of new sellers entering the market both fell 5% in September compared with the same period last year.
But Rightmove stressed that looking ahead to 2025 so far, new buyer demand is up 2% from the same period in 2024, while the number of new sellers entering the market is up 5%.
Data show that the number of sales achieved so far this year has also increased by 5% compared with the same period in 2024.
Meanwhile, annual price falls continued, with falls in London and southern England dragging the national average down to 0.1%. Elsewhere, annual asking prices rose by at least 1% in Scotland, Wales and the rest of England.
Rightmove said the south of England was particularly affected by a combination of increased stamp duty, increased buyer choice, reduced appeal to some international buyers and some ongoing unease about the upcoming budget.
Colleen Babcock, property expert at Rightmove, said: “While the property market is generally resilient in 2025, we don’t yet have enough pent-up momentum or near-term positive sentiment to spur the rebound in property prices that typically occurs in the autumn.”
“For buyers, we are experiencing the highest levels of property selection in a decade, which means sellers serious about selling must acknowledge their limited pricing power and lower their price expectations.”
“Additionally, speculation that the budget may increase the cost of buying or owning a property at the top end of the market has given some movers, particularly in the south of England, reason to wait and see what is announced in the budget.”
“It’s encouraging that housing remains a political priority, with some fundamental changes being proposed. We all support policies that speed up the home buying and selling process and make it easier for all involved, and we look forward to using our twenty-five years of housing market data to help the government.”
“Rightmove has been calling for stamp duty reform for some time and we believe abolishing stamp duty entirely would remove one of the biggest barriers to movement. We hope the government will consider how to improve stamp duty in the November budget. Raising the threshold will help, but going further would be a big step forward.”
