Rightmove’s latest House Price Index showed average new seller asking prices went up by 0.3% (£1,165) this month to £371,422.
This increase was below the 10-year average October rise of 1.1%.
Activity in September dropped compared to last year, which had seen a boost after the August 2024 Bank Rate cut and buyers looking to move before the April 2025 Stamp Duty increase.
Uncertainty about the upcoming Budget also meant the usual Autumn price bounce did not materialise.
Still, market activity remained steady over 2025 so far, but with some caution.
Colleen Babcock, property expert at Rightmove, said: “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.”
This year’s figures compared to a strong period last year, leading to some drops in yearly trends.
In September 2025, new buyer demand and the number of new sellers were both down 5% compared to 2024, with sales agreed down 2%.
Over the year so far, new buyer demand was up 2%, and both sales agreed and new sellers were up 5% on 2024.
Research from Rightmove found homes getting an enquiry on the first day of marketing were 22% more likely to secure a buyer than those waiting over two weeks.
Nationally, prices were down 0.1% over the year, with London and the South dragging the average down.
All four southern regions had lower asking prices than last year, London down 1.4%. Other UK regions saw at least a 1.0% increase.
Higher Stamp Duty in the South since April continued to hit those markets, with more homes for sale meaning sellers had to be more competitive.
By contrast, the rest of England, Wales and Scotland were less affected by Stamp Duty and Budget rumours.
Babcock added: “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.”
She said: “We hope the Government considers how they could improve it in November’s Budget. Increasing the thresholds would be a help, but going further would be a huge step forward.”
Matt Smith, mortgage expert at Rightmove, said: “Mortgage rates have plateaued over the last month, with some average rates rising and others falling, as lenders hit the pause button leading up to the Budget.
“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.”
Smith added: “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 at Benham and Reeves in London, said: “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.”
von Grundherr added: “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.”
Nathan Emerson, CEO at Propertymark, said: “Although there has been a softening of activity year-on-year, it is encouraging to see that the UK’s housing market continues to adapt to economic pressures.
“While year-to-date figures show positive signs, including a rise in buyer demand and sales agreed, the month-on-month slowdown reflects a market shaped by caution, price sensitivity, and political uncertainty ahead of the Autumn Budget.
“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.”
Emerson added: “Our member agents are reporting similar trends on the ground, with committed buyers and sellers having to act decisively and price competitively to achieve results.
“Propertymark supports reforms that will streamline the home buying and selling process and improve market mobility.
“However, more needs to be done to ease transactional costs and boost supply, particularly in regions hardest hit by current property tax policy.”
He said: “We hope the UK 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.”
