Buyers have more homes to choose from this autumn, but higher mortgage costs are making many cautious about moving. The latest reports show fewer sales being agreed and completed than a year ago, making realistic budgets and asking prices particularly important.
The Bank of England’s base rate remains unchanged at 3.75%. However, this does not mean the mortgage deals available to buyers have stayed the same. Here is what the latest figures mean for your move.
House prices are growing more slowly
Nationwide reported that UK house prices were 0.8% higher in September than a year earlier, compared with annual growth of 1.6% in August. This means prices were still above last year’s level on average, but the pace of growth had slowed.
Zoopla’s latest report found 5% more homes available for sale, but 9% fewer sales agreed, compared with a year earlier. Buyers therefore have more choice, while sellers face more competition to secure an offer. These figures describe homes on the market and offers agreed, rather than completed moves.
The base rate is holding steady, but mortgage rates can still change
The Bank of England kept its base rate at 3.75% on 17 September, with its next decision due on 5 November 2026. The rate is unchanged for now; future decisions will depend on economic conditions.
Fixed mortgage rates also depend on lenders’ funding costs and expectations about future interest rates. So they could rise or fall even when the base rate stays the same.
For buyers, the practical point is to check the mortgage deals available to you rather than assume an unchanged base rate means unchanged repayments. If you already have a fixed-rate mortgage, your interest rate will normally stay the same until your agreed deal ends.
Fewer buyers are moving ahead
The Bank of England’s lender survey, published on 8 October, reported weaker demand for mortgages to buy homes. Lenders also reported reduced availability for buyers borrowing with smaller deposits.
RICS’ September survey provided a similar picture; more property professionals reported falling buyer enquiries and agreed sales than rising activity, while new listings increased. These are survey findings, rather than an actual count of buyers or sales.
Landmark’s October report shows how activity changed at different stages of the buying and selling process. In England and Wales, between July and September 2026, compared with the same three months in 2025:
- Agreed sales were 11% lower – fewer offers were accepted.
- Completed sales were 7% lower – fewer purchases reached the point where ownership changed hands.
- New listings were just 2% lower – a similar number of homes were being put up for sale.
This suggests that buyers were more cautious about committing to purchases, despite a broadly similar flow of homes coming onto the market. Completed sales usually reflect offers accepted several months earlier, so the figures measure different stages of activity.
The findings are based on transactions recorded through Landmark’s systems, rather than an official count of every sale.
What this means for your move
If you are buying, greater choice may give you more opportunities to compare homes and negotiate. Check what you can comfortably afford, including your deposit, mortgage repayments, legal fees and moving costs. Speaking to a mortgage adviser or lender early can help you understand your options.
First-time buyers may also be considering the proposed Your First Home scheme. It is intended to help eligible buyers purchase a new-build home in England with a 2.5% deposit and a government equity loan. Full eligibility rules and the launch date remain to be confirmed, with further details expected at the October Budget.
If you are selling, remember that market conditions vary across regions, and even between neighbouring towns. Prices may be rising in one area while sellers elsewhere need to be more flexible to attract buyers. Ask your estate agent about local buyer demand, what similar homes have recently sold for and how much competition you face. This will give you a clearer guide to a realistic asking price than national averages alone.
Allow time for the legal process. A quieter market does not automatically mean a quicker move. Landmark reports that completion times continue to lengthen despite lower transaction volumes. Preparing documents early and responding promptly to enquiries can help avoid preventable delays.
