There has been no property market ‘autumn bounce’ this year as the housing market has stalled ahead of Rachel Reeves’ budget, with activity falling and prices slipping, according to the latest asking price data from Rightmove.

Average asking prices increased by just 0.3% this month to £371,422 – well below the ten-year average October increase of 1.1%. As asking prices offer the most up-to-date insight into market sentiment, the muted rise suggests movers are waiting to see what Rachel Reeves announces on 26th November.

We’ve not got enough pent-up momentum or recent positive sentiment to spur the usual Autumn bounce in property prices.”

“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,” says Colleen Babcock (pictured), property expert at Rightmove.

New buyer enquiries and the number of sellers coming to market both fell 5% in September compared to last year, with sales agreed down 2%.

Babcock says speculation about potential property tax increases, “has given some movers, particularly in the south of England, a reason to wait and see what’s announced in the Budget.”

A decade-high level of available property is limiting seller pricing power. Rightmove research shows homes which receive an enquiry on the first day of marketing are 22% more likely to secure a buyer than homes which take over two weeks to receive their first enquiry.

Lenders also hit pause button

And Matt Smith, Rightmove’s mortgage expert, says lenders have also “hit the pause button” ahead of the budget. “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.”

Nathan Emerson, CEO at Propertymark, says member agents are reporting that committed buyers and sellers “are having to act decisively and price competitively to achieve results.

“Affordability challenges, high property choice, and the impact of recent Stamp Duty changes are clearly weighing on the confidence of buyers and sellers alike, particularly in the South of England.

Support for the sector

Emerson adds that Propertymark hopes the government “uses the upcoming Budget to deliver meaningful support for the sector, including a full review of Stamp Duty, to help unlock movement across all parts of the market.”

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.

turbulence in the market

“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