The short version
- The average asking price rose 1% in October to £371,015, a smaller rise than usual for the month. It is 0.1% lower than a year ago.
- There are more homes for sale than at this time of year in any year since 2014, and 8% fewer sales are being agreed than a year ago.
- The average 2-year fixed mortgage rate is 5.55% on Rightmove’s tracker, up from 4.25% in February.
- The Prime Minister has ruled out stamp duty changes in the Budget on Wednesday 28 October.
- The Bank of England’s next interest rate decision is on 5 November.
Asking prices: up, but less than usual
Rightmove’s October index, published on 19 October, puts the average asking price of newly listed homes at £371,015. That is £3,575 (1%) more than in September, but October usually brings a rise of about 1.3%, so this year’s was weaker than normal. Against a year ago, asking prices are 0.1% lower.
For first-time buyer homes (typically two bedrooms or fewer), the average asking price is £225,627, up 0.2% on the month but 0.5% lower than in October 2025.
Asking prices are what sellers hope to get. What homes actually sell for shows up later in HM Land Registry’s sold-price data, which is why we always compare the two.
More homes, fewer buyers
| Measure | Against a year ago |
|---|---|
| Sales agreed | 8% lower |
| Buyers contacting agents | 9% lower |
| New homes coming to market | 3% higher |
| Homes for sale | Highest for the time of year since 2014 |
For buyers, that means more choice and fewer people competing for each home. It also means the asking price is a starting point for the conversation rather than a settled figure. The evidence is what similar homes nearby actually sold for.
Mortgage rates: what the rise means in pounds
Rightmove’s tracker puts the average 2-year fixed rate at 5.55%, up from 5.29% a month earlier and 4.25% in February, before the war in Iran began. Other trackers measure it differently: Moneyfacts reported a higher average of 5.96% in early October.
Here is what the move from 4.25% to 5.55% does to monthly repayments on a 25-year repayment mortgage. This is an illustration, not mortgage advice, and it leaves out fees.
| Loan | At 4.25% | At 5.55% | Extra a month | Extra over 2 years |
|---|---|---|---|---|
| £150,000 | £813 | £926 | £113 | £2,712 |
| £200,000 | £1,083 | £1,234 | £151 | £3,616 |
| £250,000 | £1,354 | £1,543 | £188 | £4,520 |
The Bank of England held its base rate at 3.75% in September, with three of the nine committee members voting for a rise. Its next decision is on 5 November.
The Budget on 28 October: fact and rumour
Already confirmed
- Stamp duty: the Prime Minister ruled out changing it in this Budget in July. The rates in force since April 2025 still apply.
- High-value council tax surcharge: announced in the 2025 Budget, it applies from April 2028 to homes in England valued at £2 million or more, at £2,500 to £7,500 a year depending on value.
Reported, but not confirmed
- Cutting the surcharge threshold from £2 million to £1.5 million.
- Charging council tax on holiday lets in the same way as second homes.
- A single annual property tax replacing stamp duty and council tax. The Prime Minister has played this down.
We will update this page with what the Budget actually changes for buyers on the evening of 28 October.
Stamp duty today, worked out
| Price | First-time buyer | Home mover |
|---|---|---|
| £225,627 (average first-time buyer asking price) | £0 | £2,012 |
| £371,015 (average asking price) | £3,550 | £8,550 |
England and Northern Ireland, main residence, not including the 5% surcharge on additional homes. First-time buyers pay nothing up to £300,000 and 5% on the part from £300,001 to £500,000; above £500,000, the normal rates apply. Check your own figure with HMRC’s stamp duty calculator.
What it means if you’re buying
- You have more choice than in any October since 2014.
- Work out monthly costs at today’s rates, not the ones you saw in spring.
- Treat the asking price as the seller’s starting point, and look at what the street actually sold for. Our free guide shows how: how much to offer on a house.
- Compare houses by price per square metre, not just by price. See what a square metre costs across Huddersfield and Calderdale.
Want the facts on a specific house? For £9.99 we check what the street actually sold for, compared like for like, plus repair costs, flood risk, boundaries and more, checked by a Civil Engineer. See everything in a report.
Sources
- Rightmove House Price Index, 19 October 2026 (asking prices, sales agreed, buyer demand, stock, 2-year fixed rate tracker).
- Moneyfacts, average 2-year fixed rate, 8 October 2026.
- Bank of England, Monetary Policy Committee decision, September 2026.
- HM Treasury and GOV.UK: Budget date, stamp duty rates, high-value council tax surcharge.
- Press reports to 19 October 2026 for items marked as reported but not confirmed.
This article is general information from public sources, not financial, mortgage or legal advice. Figures checked on 19 October 2026.