
That’s according to Rightmove, which noted that the 0.3% rise is a much lower monthly increase than is typical at this time of year, with the long-term average October rise being +1.3%.
This ‘more muted’ Autumn price bounce comes as buyer choice rose to a level not seen for 10 years, putting downwards pressure on price growth.
The number of sales being agreed is now 29% ahead of the same period last year. There is also a healthy level of underlying buyer demand as people continue to plan their next move. The number of people contacting agents about homes for sale is up by 17% compared with this time last year.
Supply rising
Despite this strong housing market activity, the number of available homes for sale is 12% higher than at this time last year.
The average number of homes for sale per estate agent branch is also at its highest since 2014.

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Tim Bannister Rightmove’s director of property science, said: “This month’s subdued price growth comes as buyer choice soars to a level not seen since 2014. With the ball in the buyer’s court and the pick of a big crop to choose from, sellers need to be pricing competitively to find a buyer, particularly with affordability still very stretched.
“Some sellers appear to be acting on this caution, contributing to limited price growth and better buyer affordability. This is helping to keep the number of sales being agreed consistently and strongly ahead of the quieter market of this time last year.”
Mortgage rate rises and higher energy costs
After a long run of mortgage rate reductions, rate falls are stalling for the moment against a backdrop of geopolitical tension, said Rightmove.
The average five-year fixed mortgage rate is now 4.61%, up slightly from 4.55% last week, the first weekly increase since May. This is still a big improvement from the average of 6.11% at the peak in July 2023, but the upward swing in rates may be a dent to home-buyer confidence.
Rightmove’s Energy Bills Tracker also highlighted the impact that rising energy prices are having on household finances.
For example, the average annual energy bill for a home with the typical Energy Performance Certificate (EPC) rating of D, is £2,465, up by 10% or £224 compared to September due to the price cap increase at the start of this month.