The short answer
Rightmove reports that the average asking price for newly listed homes rose 1.0% in October to £371,015. That is less than the usual October rise, and sales agreed are 8% lower than a year ago. Higher mortgage rates look to be the main reason.
What Rightmove reported
Rightmove's October House Price Index puts the average asking price of newly listed homes at £371,015. That is up 1.0%, or about £3,575, on September. A typical October rise is around 1.3%, and September's rise was 0.7%. Compared with a year ago, prices are 0.1% lower.
Sales agreed are 8% below the same period last year, which suggests that fewer buyers are going through with a purchase at current prices.
Why mortgage rates matter
Rightmove's tracker shows the average two-year fixed mortgage rate at 5.55% in October, up from 5.29% a month earlier and 4.25% in February. Rightmove's property expert Colleen Babcock described the rise as an early sign that higher mortgage costs are putting pressure on affordability.
In simple terms, when mortgage rates rise, the same monthly payment supports a smaller loan. Buyers who were stretching their budget may need to offer less or look at cheaper properties, and that can slow sales even when asking prices hold up.
What it means for buyers
Buyers may find sellers more willing to negotiate than earlier in the year, but this varies a lot by area and by property. The most useful step is to know your real budget before you start viewing, including how a different rate changes the monthly cost.
What it means for sellers
Asking prices alone do not tell you what a property will sell for. With sales agreed down, a realistic asking price based on recent local sales is likely to matter more than usual.
What you can do now
If you are buying, a mortgage agreement in principle shows sellers you are serious and tells you what you can borrow. If you are remortgaging or moving, it is worth checking rates early, because they have been moving. Speak to us for a free, no obligation chat.
Sources
Rightmove asking prices, sales agreed and average two-year fixed rate: Rightmove House Price Index (October 2026).
This article is general information, not personal advice. Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it.