UK average home asking price rises over £3,500 in October

In October, the median asking price for homes across Britain climbed to £371,015, a month-on-month increase of £3,575, according to Rightmove data, but it was 0.1% below the level a year ago. London’s market posted a sharper 2.5% monthly gain, reaching £673,942, though it remained 1.7% lower than the previous year. The rise follows a weak summer in the capital, with new sellers trying to regain lost ground.

Property experts linked the shift to rapidly rising mortgage rates, which are squeezing buyer affordability and prompting price adjustments especially in lower-priced regions. The number of prospective buyers contacting agents fell 9% year-on-year, while new listings rose 3%, keeping the total homes for sale at its highest seasonal level since 2014. Analysts warned that competitive pricing from day one is crucial in this price-sensitive market.